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
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
