Retirement
Industry funds launch mass media campaign against government
Industry Super Australia has gone on the offensive, warning members that it is in their financial interest to see the legislated super guarantee increase come to fruition.
Industry funds launch mass media campaign against government
Industry Super Australia has gone on the offensive, warning members that it is in their financial interest to see the legislated super guarantee increase come to fruition.
In a new mass media campaign, Industry Super Australia (ISA) has warned Aussies that the government’s failure to pass the planned super guarantee lift to 12 per cent would cost them six figures.
According to ISA’s latest statement, proposed changes to super would leave millions of workers worse off at retirement and over their lifetime, force them to pay more tax and would add more than $33 billion to the aged pension.
Earlier this year, it was revealed that the Morrison government is weighing allowing workers to choose between putting money in their super or having more take-home pay.
Under the proposal, superannuation would be lifted up to 10 per cent on 1 July 2021, before workers are asked to decide between opting in for future superannuation increases or a rise in take-home pay.
However, in its latest campaign, ISA is arguing that this plan would only hurt workers in retirement while also disadvantaging women.
Moreover, ISA is taking aim at one of the cornerstones of the Retirement Income Review, which found that older Australians should sell their home to fund their retirement.
“Australians may have to choose between a financially secure retirement or selling their family home – that’s an unfair choice no one should have to make,” said ISA chief executive Bernie Dean.
“Workers should know that when politicians start using the words flexibility and efficiency, they mean they want to cut your super, leading to retirees having to sell their home.”
They are also highlighting the government’s apparent election promise failure, arguing that despite making an election commitment to see to it that the legislated super guarantee increase is enforced, the government is now considering cutting it or making other adverse changes.
“Some federal politicians want to break an election promise and cut super, forcing Australians to work longer or retire with less. It’s time for the government to stop messing with super and deliver their promise to workers,” Mr Dean continued.
According to ISA, the mass media campaign, launching tonight during the Seven network’s AFL broadcast, involves real people talking about how they would have to work longer, retire with less or sell their home if the government messes with super.
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