Retirement
‘Stop all this nonsense’ with super: Bill Kelty
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.
‘Stop all this nonsense’ with super: Bill Kelty
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.
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’.”
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.
RELATED ARTICLES
About the author
About the author
Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more
Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more
Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more
Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more
Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more
Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more
Superannuation
Rest welcomes progress on ‘Payday Super’ reform
Rest, one of Australia’s largest profit-to-member superannuation funds, has welcomed the Australian Government’s release of draft ‘Payday Super’ legislation, which aims to align Superannuation ...Read more
Superannuation
SuperAPI and Humanforce partner to improve superannuation compliance for one million Australians
Superannuation engagement platform SuperAPI has partnered with human capital management provider Humanforce to streamline payroll and superannuation contributions for more than one million Australian ...Read more
Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more
Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more
Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more
Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more
Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more
Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more
Superannuation
Rest welcomes progress on ‘Payday Super’ reform
Rest, one of Australia’s largest profit-to-member superannuation funds, has welcomed the Australian Government’s release of draft ‘Payday Super’ legislation, which aims to align Superannuation ...Read more
Superannuation
SuperAPI and Humanforce partner to improve superannuation compliance for one million Australians
Superannuation engagement platform SuperAPI has partnered with human capital management provider Humanforce to streamline payroll and superannuation contributions for more than one million Australian ...Read more
