It might be basically broke in Australia, but it's certainly not broke in Thailand. Perhaps you missed that point in your rush to judgment.
Based on my monthly expenditure, capital depletion, and income from assets in said 850K, I will be reliant on the OAP only when I turn 104. That's not a frightening scenario for me.
I really don't know why you have this fixation with the AUD, are you even Australian? Perhaps it's just a thread to troll other posters.