Sorry, I should have explained superannuation. This is a compulsory payment by employers into employees retirement funds. Currently it is 9.5% and may or may not go to 12% (the government is reviewing this). It came in in the mid 1980, so I missed out on it for about 15 years. Most younger people will have enough to retire without relying on the pension. It’s those of my age who have to navigate the interface between superannuation and the age pension.
You can be better off at $400,000 because you get the full pension, which you don’t get with $800,000 (I’m talking about income and pension of couples throughout).