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Retirement

‘Stop all this nonsense’ with super: Bill Kelty

  • October 25 2019
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Retirement

‘Stop all this nonsense’ with super: Bill Kelty

By Grace Ormsby
October 25 2019

Australia’s superannuation system should not be positioned as a political tug of war for the winning of brownie points by sitting parliaments, according to one of the system’s original architects.

Tug of war

‘Stop all this nonsense’ with super: Bill Kelty

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  • October 25 2019
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Australia’s superannuation system should not be positioned as a political tug of war for the winning of brownie points by sitting parliaments, according to one of the system’s original architects.

Tug of war

Bill Kelty was speaking on a panel at the Crescent Think Tank launch on the topic of Superannuation: Rebooting the system that is failing many Australians when he lamented the politicisation of Australia’s superannuation system.

The former secretary of the ACTU during the Hawke and Keating years, Labor Party member and former RBA board member said it’s important for the working people in Australia to “get confidence again in the system”.

“Stop all this nonsense, stop threatening it all the time,” he said.

“Just leave it alone so that people can actually say ‘it’s my money for my generation’.”

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Admitting that “it’s not perfect”, especially in terms of tax, Mr Kelty said Australians who are trying to make generational decisions “are sick and tired of governments coming in, changing it, reviewing it”.

He was alluding to the movement of the superannuation guarantee to 12 per cent, and the current inquiry being undertaken by the Morrison government.

“Not one word was said in the last election about moving super to 12 per cent,” he said.

“The election is over and suddenly people have an inquiry, which has only one objective you would think: to push it out.

“No wonder people lose trust in politicians and government.

“They got told by nobody that this was on the agenda. Just meet your commitments. Do what you told people you would do. Implement the 12 per cent. Keep your promise.”

Paul Keating has recently gone on the record to slam the MPs not in support of raising the super guarantee. 

To date, the trade unionist iterated that “superannuation has revolutionised the capital structure of this country, it’s revolutionised the pensions system, and it has revolutionised savings”.

“It is a better, more effective system.”

Bill Kelty’s stance comes after former Commonwealth treasurer Peter Costello last week commented that superannuation has failed Australians.

‘Stop all this nonsense’ with super: Bill Kelty
Tug of war
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About the author

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Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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