Retirement
Keating slams MPs not in support of super guarantee raise
Former prime minister Paul Keating, the man behind compulsory superannuation’s implementation in Australia, has slammed those opposing a raise from 9.5 per cent to 12 per cent of an individual’s income for the super guarantee scheme.
Keating slams MPs not in support of super guarantee raise
Former prime minister Paul Keating, the man behind compulsory superannuation’s implementation in Australia, has slammed those opposing a raise from 9.5 per cent to 12 per cent of an individual’s income for the super guarantee scheme.
The former prime minister’s comments come after a number of Liberal backbenchers voiced concern against such an increase, and saw Mr Keating compare them to “climate change deniers” and “anti-vaxxers.”
Despite the concerns around wage growth, Mr Keating has defended an increase to the employer contribution from 9.5 per cent to 12 per cent for all Australians.
“This is the great lie and boggy analysis,” the former PM said of the wage growth issues effect on super.
He rejected MP claims that argued a rise in superannuation guarantee payments would see a loss in wage increases.
“Alternatively, if you don’t take the 2.5 per cent, you’ll pick up 2.5 per cent in wages. But it’s demonstrably false because nobody since 2014 has had an increase in super, yet wages have not increased at all,” continued Mr Keating.
Mr Keating said instead that workers can choose between something and nothing, with compulsory superannuation enabling a rise in overall income.
The former prime minister also condemned research by the Grattan Institute, which is claiming that a raise in the superannuation requirements would see middle-income Australians going backwards due to lowering of pension rates.
The Grattan Institutions research “showed that higher compulsory super wouldn’t be in the interests of many working Australians”.
“It would mean middle-income workers giving up wages of up to 2.5 per cent while working, in exchange for less than 1 per cent boost to their retirement incomes,” it stated.
RELATED ARTICLES
About the author
About the author
Superannuation
Employment Hero raises concerns over superannuation bill's impact on small businesses
Employment Hero has raised significant concerns regarding the implementation of the proposed Supporting Choice in Superannuation and Other Measures Bill, which was recently recommended for passage by ...Read more
Superannuation
Rest calls for reform of superannuation rules for young workers
In a bold move to enhance the financial future of young Australians, superannuation fund Rest is advocating for the abolition of what it deems an "unfair and outdated" rule affecting under-18 workersRead more
Superannuation
Australians face readiness crisis as payday super reform looms
As the implementation date for one of Australia’s most significant superannuation reforms draws near, new research reveals a startling lack of awareness and preparedness among both businesses and ...Read more
Superannuation
Rest posts healthy returns following a positive end to 2025
Rest, one of Australia's largest profit-to-member superannuation funds, has reported impressive returns in its flagship MySuper Growth investment option for the year 2025. The fund is optimistic about ...Read more
Superannuation
Rest marks milestone with first private equity co-investment exit
In a significant development for Rest, one of Australia’s largest profit-to-member superannuation funds, the organisation has announced the successful completion of its first private equity ...Read more
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Employment Hero raises concerns over superannuation bill's impact on small businesses
Employment Hero has raised significant concerns regarding the implementation of the proposed Supporting Choice in Superannuation and Other Measures Bill, which was recently recommended for passage by ...Read more
Superannuation
Rest calls for reform of superannuation rules for young workers
In a bold move to enhance the financial future of young Australians, superannuation fund Rest is advocating for the abolition of what it deems an "unfair and outdated" rule affecting under-18 workersRead more
Superannuation
Australians face readiness crisis as payday super reform looms
As the implementation date for one of Australia’s most significant superannuation reforms draws near, new research reveals a startling lack of awareness and preparedness among both businesses and ...Read more
Superannuation
Rest posts healthy returns following a positive end to 2025
Rest, one of Australia's largest profit-to-member superannuation funds, has reported impressive returns in its flagship MySuper Growth investment option for the year 2025. The fund is optimistic about ...Read more
Superannuation
Rest marks milestone with first private equity co-investment exit
In a significant development for Rest, one of Australia’s largest profit-to-member superannuation funds, the organisation has announced the successful completion of its first private equity ...Read more
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
