Australian Superannuation: Wages vs. Super? Explaining how super guarantee changes will affect you

Описание: Recently the Australian Liberal Government announced it may not proceed with the legislated super guarantee increase from 9.5 per cent to 12 per cent by 2025, stating the only outcome this creates is less money in the pockets of Australian workers and less opportunity for wage increases. Former Labor Prime Minister Paul Keating, who originally founded the superannuation system in 1992, and former Labor Prime Minister Kevin Rudd believe this is a mistake. Their opinion is echoed by other industry groups including Industry Super Australia and Australian Super Fund Association.

This episode seeks to identify the concerns around the expected income during retirement and whether the contributions into superannuation based on the super guarantee currently at 9.5 per cent is still suitable for retirement.

Some data and spreadsheets related to calculations made in this video can be accessed here:
https://docs.google.com/spreadsheets/...


Referenced material:
Australian Taxation Office 2021, Super, Australian Government, retrieved Feb 18 2021, (https://www.ato.gov.au/Individuals/Su....

Treasury Department 2020, Retirement Income Review: Final Report, by Callaghan, M, Ralston, D & Kay, C, Australian Government.

Coates, B & Nolan, J 2020, Balancing act: managing the trade-offs in retirement incomes policy, Syndey, NSW.

Department of Parliamentary Services 2011, Superannuation Guarantee (Administration) Amendment Bill 2011, by Department of Parliamentary Services, Australian Government.

Hall, A & Thomas, M 2020, Declining home ownership rates in Australia, Australian Government, retrieved Feb 18 2021, (https://www.aph.gov.au/About_Parliame....

2019, Accumulation of superannuation across a lifetime, by Lavers, E, Bott, M, Trinh, K & Stone, J, Australian Government.

Mizen, R 11 Feb 2021, 'Two-thirds of Australians support 12pc super bump', retrieved 18 Feb 2021, (https://www.afr.com/politics/federal/....

O’Brien, M 2019, Cutting penalty rates was supposed to create jobs. It hasn't, and here's why not, University of Wollongong, retrieved Feb 18 2021, (https://www.uow.edu.au/media/2019/cut....

Rice Warner 2020, Retirement income review modelling - fiscal results, Industry Super Australia.

Stanford, J 2019, Update on penalty rates and job-creation: Two years later, The Australia Institute, 1 Jul 2019, (https://www.futurework.org.au/two_yea....

Stockspot 2020, Fat cat funds report 2020, Stockspot, retrieved Feb 18 2021, (https://www.stockspot.com.au/fatcat/).

Warren, G, Khemka, G & Tang, Y 2020, The ‘Right’ Level for the Superannuation Guarantee: A Straightforward Issue by No Means, Australian National University.