Retirement
Super funds launch biggest superannuation ad campaign
Industry Super Australia has pulled out all the stops, telling over 1 million voters what could happen if the superannuation rate is not lifted to the legislated 12 per cent.
Super funds launch biggest superannuation ad campaign
Industry Super Australia has pulled out all the stops, telling over 1 million voters what could happen if the superannuation rate is not lifted to the legislated 12 per cent.
Lobby group Industry Super Australia (ISA) will launch a coordinated media campaign “to warn members about the adverse impacts dumping the legislated super guarantee increases could have on their financial interests”.
The campaign will be targeted at pre-retirees and those under 35, and taking aim at Liberal MPs who have said superannuation is less important than owning a family home.
The ISA said a policy of home ownership over superannuation would leave a generation with little to no retirement, while driving up the prices of houses.
It stated that if the increase is cut, a 30-year-old couple on median wages would lose $170,000 from their retirement nest egg, adding tens of billions onto future aged pension costs.
“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 leave people’s super alone,” said ISA chief executive Bernie Dean.
“Rather than getting the legislated super boost, politicians want Australians to sell their family home to fund retirement. Our members expect us to protect their financial interests and warn them about changes that will leave them worse off at retirement, and that’s exactly what this campaign will do.”
The ISA’s latest campaign follows the government’s refusal to state whether the legislated increase in superannuation will continue to rise in the wake of the COVID-19 pandemic.
Speaking at a media event on Thursday, 28 January, Minister for Superannuation, Financial Services and the Digital Economy Jane Hume said the government is currently debating the rate of superannuation, despite reforms already being regulated.
Ms Hume was asked whether the SG rise was going ahead, to which Hume replied with “the superannuation guarantee rise is legislated for 1 July”.
“But the debate we’re having now is about what that trade-off for that is.”
“The SG is a cost to employment, and if I’m an employer and I give a rise to the SG, it’s going to be passed on to employees one way shape or form. They know that somewhere between 80 to 100 per cent is going to be passed on, so deny that is sticking your head in the sand quite frankly,” she said.
Liberal MP Andrew Bragg took to Twitter to attack ISA’s latest campaign.
“Super funds waste workers’ money on advertising so they can fleece more money from workers through compulsory super’s obscene fees. It’s a circle of grift,” concluded Mr Bragg.
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