FEDERAL ELECTION 2022
‘Dismantling our world-leading retirement savings regime has become an ideological obsession for many in the Liberal Party.’ — Sally McManus
government contribution into their parliamentary retirement accounts, called for the increases to be cancelled. The government suggested increases above 10 per cent would be optional – meaning workers could choose to take additional payments as extra wages rather than as a superannuation contribution. But ACTU Secretary Sally McManus said any delay in the compulsory superannuation guarantee rise would not lead to employers granting higher wages. “Dismantling our world-leading retirement savings regime has become an ideological obsession for many in the Liberal Party,” Sally said. “Even amidst a global pandemic, an economic meltdown and wide job insecurity, crushing super seems their only priority.” In The Guardian, economics commentator Greg Jericho called the government’s proposals “disingenuous”. “If this government truly wanted to increase wages it would not institute a policy to reduce public servants’ wage growth. It would also not seek to reduce the bargaining power of workers as it has continually sought to do,” he said. “If you want to fix wages growth, fix wages growth. And if you want to improve retirement incomes, don’t instead seek to destroy superannuation because you hate industry funds.”
WHERE THE PARTIES STAND ON SUPERANNUATION
Labor Promises to protect the legislated increase in compulsory superannuation from the current 10 per cent to 12 per cent by 2025 and then to “set out a pathway to increasing it to 15 per cent.” Will ensure the superannuation guarantee is legislated to become part of the national minimum employment standard so it is enforceable as an industrial entitlement. Will improve people’s ability to recover unpaid superannuation as an industrial right. Will not allow contracting arrangements to be used to evade paying superannuation.
The Greens Propose changing the taxation of superannuation to benefit lower income earners. Support more equitable retirement incomes “particularly for women and other disadvantaged groups”. Want to create more ethical investment structures.
Coalition Claims its superannuation reforms will save Australians $17.9 billion over 10 years, by: Preventing unintended multiple accounts when workers change jobs Holding funds to account for underperformance Providing a YourSuper comparison tool Increasing transparency and accountability.
THE LAMP ELECTION SPECIAL ISSUE | 19