Retirement
Major parties back superannuation guarantee rise to 12 per cent
A renewed commitment from the Morrison government to back a 12 per cent lift to the superannuation guarantee as presently legislated, has been warmly welcomed by the superannuation sector as a “bipartisan commitment” to Australians counting on “super certainty” for their retirement funds.
Major parties back superannuation guarantee rise to 12 per cent
A renewed commitment from the Morrison government to back a 12 per cent lift to the superannuation guarantee as presently legislated, has been warmly welcomed by the superannuation sector as a “bipartisan commitment” to Australians counting on “super certainty” for their retirement funds.
The pledge comes as the government faces an imminent federal election on 21 May, with Prime Minister Scott Morrison reaffirming the Coalition’s position in supporting a rise in the superannuation guarantee if re-elected.
One of the superannuation sector’s biggest peak bodies, Industry Super Australia was elated by the Prime Minister’s announcement, commenting that it establishes a “strong bipartisan pact” that will “deliver dignity in retirement for millions”.
As the rate increase is enshrined in legislation, the government will be obliged to facilitate rises of “affordable” 0.5 per cent increments each year until it reaches 12 per cent by 2025.
Industry Super Australia feels the announcement reinforces a Coalition commitment made in December 2021, to increase the rate without delay and without making parts of the increase optional.
The Labor Party has also backed the superannuation guarantee rise, with an affirmed commitment from Shadow Assistant Treasurer and Shadow Minister for Financial Services, Stephen Jones.
According to Industry Super Australia, Australians “strongly support” the increases, with a recent consumer survey showing two-thirds of Australians “want politicians to stop tinkering with the super rate”.
“A 30-year-old could stand to lose $78,000 at retirement if the legislated increase was scrapped,” a statement from Industry Super Australia said.
Industry Super Australia also called on the next government to commit to closing the gender super gap and to fix unpaid super by making super payable on payday, “to ensure workers get the full benefit of the superannuation guarantee increase”.
Industry Super Australia chief executive Bernie Dean welcomed the Prime Minister’s “ironclad commitment” that a re-elected Coalition government would not alter the legislated increases in the Super Guarantee in any way.
“The commitment from both major parties to leave the super rate alone is a no-brainer given how much the community supports it going up,” Mr Dean said.
“Our federal politicians now need to make sure every worker gets the full benefit of the locked-in rise in the super guarantee by requiring all employers to pay it with wages. Only that will fix the scandal of unpaid super that costs about one in every four workers billions of dollars each year.”
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more