$20 billion per year. That’s how much higher superannuation could take from wages

Written by Brendan Coates, Grattan Institute. Stagnant wages are a huge issue in this election campaign. So it is odd that both major parties are hanging onto a policy that will take more out of workers’ pockets. Lifting compulsory superannuation contributions from 9.5% to 12% in five annual steps between and 2021 and 2025, as… Continue reading $20 billion per year. That’s how much higher superannuation could take from wages

Labor plans to stick with Coalition’s Super Guarantee timetable

Labor has given the strongest indication yet that it won’t reverse the Coalition’s delays to increases in the Superannuation Guarantee rate. Speaking at the National Press Club, Shadow Treasurer Chris Bowen said: “I don’t believe 9.5% is adequate. I believe we do need to get to 12 [%].” “Now what we would do is get… Continue reading Labor plans to stick with Coalition’s Super Guarantee timetable

SG rate should be increased to 12% “as soon as possible”, says super funds

The Super Guarantee rate should be increased to 12% “as soon as possible”, says the Association of Superannuation Funds of Australia (ASFA) shortly before the Federal Budget. The Super Guarantee rate, which currently stands at 9.5%, is set to increase to 10% from 1 July 2021 and reach 12% from 1 July 2025. The Coalition… Continue reading SG rate should be increased to 12% “as soon as possible”, says super funds

Labor won’t accept any more delays to Super Guarantee rate increases

Shadow Treasurer Chris Bowen has said the Labor Party will not accept any further delays to increases in the Superannuation Guarantee rate. “Let me make it clear that the Labor Party does not regard a 9.5 per cent SG as providing adequacy – we will brook no further delay to the legislated timetable,” he told… Continue reading Labor won’t accept any more delays to Super Guarantee rate increases

Frydenberg should call a no-holds-barred inquiry into superannuation, now, because Labor won’t

Written by Peter Martin, Crawford School of Public Policy, Australian National University. The Coalition is running out of time to do worthwhile things. Facing overwhelming odds of defeat in the election due within weeks, one of its last throws of the dice should be to do something Labor would never do, but which is urgently… Continue reading Frydenberg should call a no-holds-barred inquiry into superannuation, now, because Labor won’t

Labor would add superannuation to National Employment Standards

A Labor Government would make it easier for employees to pursue unpaid superannuation without depending on the ATO. At the Labor National Conference it was announced that Labor would include superannuation in the National Employment Standards. The National Employment Standards are, currently, a set of 10 minimum worker entitlements – including maximum weekly hours and… Continue reading Labor would add superannuation to National Employment Standards

Jail for employers not paying Super Guarantee Bill doesn’t go far enough

A Government Bill, which may become an Act in early 2019, has been welcomed but also criticised for not doing enough about unpaid superannuation. The Treasury Laws Amendment (Measures No.4) Bill 2018 could result in employers going to jail for not paying Super Guarantee they owe. The Bill passed the Senate last week, but as… Continue reading Jail for employers not paying Super Guarantee Bill doesn’t go far enough

Jail for employers not paying super guarantee may pass Parliament today

Legislation which could result in employers who don’t pay Superannuation Guarantee being sent to jail may pass Parliament today – the last sitting day for 2018. Update: The House of Representatives has adjourned, seemingly without voting on the amendments – so the Bill has not yet passed. The Treasury Laws Amendment (2018 Measures No. 4)… Continue reading Jail for employers not paying super guarantee may pass Parliament today

12% Super Guarantee rate will “barely cut it”, says Paul Keating

Paul Keating says the 9.5% Superannuation Guarantee rate “won’t cut it” and the legislated 12% rate will “barely cut it”. Speaking to 7.30, Keating said that when he introduced superannuation people retired “about” 65 and died around 85. But that now people were living into their late 80s and children today could expect to live to 100 or… Continue reading 12% Super Guarantee rate will “barely cut it”, says Paul Keating

Jail for SG non-compliance Bill likely to pass with support of major parties

A Bill to introduce potential prison sentences for Superannuation Guarantee non-compliance appears likely to pass with the support of, at least, the Liberal and Labor parties. The Government has a Bill before Parliament which would allow the ATO to direct an employer to make a payment of Superannuation Guarantee Charge. Failing to comply could be… Continue reading Jail for SG non-compliance Bill likely to pass with support of major parties