Paul Keating says superannuation withdrawals dwarf coronavirus support schemes like JobKeeper
4 years, 7 months ago

Paul Keating says superannuation withdrawals dwarf coronavirus support schemes like JobKeeper

ABC  

Former prime minister Paul Keating says the early withdrawal of superannuation dwarfs the support the Federal Government has injected through its JobKeeper program — and has entrenched inequality between Australian generations. Key points: Australians are expected to have pulled $42 billion from their super accounts by the end of the year Australians are expected to have pulled $42 billion from their super accounts by the end of the year Former prime minister Paul Keating says it forms too large a portion of income support provided by the Government Former prime minister Paul Keating says it forms too large a portion of income support provided by the Government The Government has defended the policy as giving people access to their money when they most need it The former Labor prime minister and architect of Australia's compulsory super scheme has swung behind calls for the early access to super scheme to be shut off. Industry Super chairman and former Labor government minister Greg Combet backed Mr Keating's comments, saying the early access to super scheme had become a "free for all". Stay up-to-date on the coronavirus outbreak Download the ABC News app and subscribe to our range of news alerts for the latest on how the pandemic is impacting the world Assistant Minister for Superannuation, Jane Hume, argued the scheme had been a "lifeline" to millions of Australians and said while $30 billion may sound like a big figure, it was less than the super funds charged in fees each year.

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History of this topic

Australians need government help to spend super, argues the Grattan Institute
2 months, 1 week ago

Australians need government help to spend super, argues the Grattan Institute

ABC  

Australians need government help to spend their superannuation in retirement, to stop the savings system ending up as "a massive inheritance scheme", the Grattan Institute warns. Uncertainty complicates retirement planning The report argues that after being guided through the superannuation system during their working lives, retirees are then left in the dark with little help in how to manage their …

Radical change to superannuation that could solve the housing crisis: Liberal Senator Andrew Bragg says Aussies should be allowed to withdraw all their super to pay off mortgage
7 months, 3 weeks ago

Radical change to superannuation that could solve the housing crisis: Liberal Senator Andrew Bragg says Aussies should be allowed to withdraw all their super to pay off mortgage

Daily Mail  

Australians should be allowed to withdraw their entire superannuation balance to pay off their mortgage, a Liberal frontbencher says. With the cost-of-living crisis testing borrowers, the Opposition's home ownership spokesman Andrew Bragg wants to allow Australians to withdraw all of their super to pay off their mortgage - hinting the Liberal Party could make it an election issue. Australians should …

Labor wants to revamp superannuation, but does it have workers' interests in mind?
2 years, 1 month ago

Labor wants to revamp superannuation, but does it have workers' interests in mind?

ABC  

In every debate about superannuation, there's a reality that is often forgotten. You could lose hundreds of thousands of dollars if you stay in a dud fund Photo shows Retirement nest egg The "name and shame" list of super funds is designed to make Australians more aware. "Right now, we're on track to spend more on super tax concessions than …

Millions who withdrew superannuation early spent longer unemployed, paid less: study
2 years, 6 months ago

Millions who withdrew superannuation early spent longer unemployed, paid less: study

ABC  

Millions of Australians who withdrew their superannuation during the pandemic were on average unemployed for longer and eventually paid less, a landmark study has found. Key points: Australians who accessed their super early were disadvantaged, earning lower wages Those who used the scheme also stayed out of work for around eight weeks longer Australian National University professors say the scheme …

Advocacy groups calls for Labor to keep parental leave superannuation pledge
3 years ago

Advocacy groups calls for Labor to keep parental leave superannuation pledge

ABC  

Labor is facing pressure not to walk away from its promise to pay superannuation on government-funded parental leave. Key points: Labor committed to paying superannuation on Commonwealth-paid parental leave at the 2019 election The party has not decided whether it will keep the commitment for the coming election The Coalition has confirmed it will not adopt the $200 million scheme …

Superannuation boost reveals loopholes and power imbalance in wages debate
3 years, 9 months ago

Superannuation boost reveals loopholes and power imbalance in wages debate

ABC  

The debate over superannuation is now officially dead. After almost a year of deliberations and debate, with Prime Minister Scott Morrison angling to cap superannuation contributions at 9.5 per cent, the federal government finally relented in April. When Paul Keating established the compulsory superannuation system in the late 1980s, the idea was that workers would forego future wage hikes in …

Paul Keating says Australians owed superannuation increase after being 'robbed' of real wage adjustments
4 years ago

Paul Keating says Australians owed superannuation increase after being 'robbed' of real wage adjustments

ABC  

Former prime minister Paul Keating has reignited claims a rise in the superannuation guarantee is the only way Australians are going to be able to adequately afford retirement without overburdening the pension system. Key points: The super guarantee is legislated to increase to 12pc by 2025, but the government says a decision will be made closer to the deadline Paul …

Super release slows but almost 3 million Australians have sucked billions from retirement savings
4 years, 3 months ago

Super release slows but almost 3 million Australians have sucked billions from retirement savings

ABC  

The controversial coronavirus measure allowing Australians affected by the pandemic to tap into their retirement savings will close from New Year's Day. Key points: Almost 3 million Australians have withdrawn their superannuation early under the Government's coronavirus response $36 billion has been claimed, slightly below Treasury estimates in July The scheme closes on December 31 But not before nearly 3 …

Contributions to your super are set to get a boost next year — but coronavirus could send the plan off the rails
4 years, 7 months ago

Contributions to your super are set to get a boost next year — but coronavirus could send the plan off the rails

ABC  

For nearly 30 years, Australian governments have been working to get the percentage of your wage that employers must contribute to your retirement savings to 12 per cent. Here's what that looks like: Period General super guarantee July 1, 2002 - June 30, 2013 9 July 1, 2013 - June 30, 2014 9.25 July 1, 2014 - June 30, 2021 …

Superannuation early withdrawal won't hurt retirement for most workers, argues Grattan
4 years, 7 months ago

Superannuation early withdrawal won't hurt retirement for most workers, argues Grattan

ABC  

The typical worker would see a fall in their retirement income of just over 1 per cent if they took out the full $20,000 allowed under the early super release scheme, new research argues. Key points: Grattan Institute research suggests that workers on a typical income will lose little more than 1 per cent of their retirement income by withdrawing …

Superannuation early withdrawals near $30b as new financial year sees double-dipping
4 years, 8 months ago

Superannuation early withdrawals near $30b as new financial year sees double-dipping

ABC  

Desperate times have seen many Australians raid their superannuation accounts to the tune of the maximum $20,000 early withdrawal since the coronavirus pandemic struck. Key points: The latest APRA figures show there have been around 2.7 million early withdrawals from superannuation Labor warns there is a "run" on super accounts, with around half a million people draining their balances completely …

Coronavirus has forced Samuel to dip into his superannuation and he is concerned about the long-term impact
4 years, 11 months ago

Coronavirus has forced Samuel to dip into his superannuation and he is concerned about the long-term impact

ABC  

Samuel Clarke knows withdrawing his retirement savings early is not ideal. Key points: Australians are allowed to access up to $10,000 of their superannuation this financial year under the Government's coronavirus assistance scheme Australians are allowed to access up to $10,000 of their superannuation this financial year under the Government's coronavirus assistance scheme Business owner Samuel Clarke has withdrawn funds …

Coronavirus support measures see hundreds of thousands of Australians access superannuation early
4 years, 11 months ago

Coronavirus support measures see hundreds of thousands of Australians access superannuation early

ABC  

Hundreds of thousands of Australians have been granted early access to their superannuation savings, totalling $3.8 billion in early payments, Treasurer Josh Frydenberg has said. Key points: The total value of early super accessed by Australians has reached $3.8 billion The tax office has approved close to half a million claims Two weeks ago, more than 600,000 Australians had applied …

Women to be 'severely impacted' by withdrawing superannuation amid the coronavirus pandemic
4 years, 11 months ago

Women to be 'severely impacted' by withdrawing superannuation amid the coronavirus pandemic

ABC  

Australians who withdraw from their superannuation due to the coronavirus pandemic could lose as much as $120,000 in retirement — and women, who retire with almost half as much super as men, may feel dire repercussions in decades to come. Key points: Australian women retire with an average of 40 per cent less superannuation than men A withdrawal of $20,000 …

More than 360,000 Australians apply for early release of superannuation under coronavirus assistance scheme
4 years, 11 months ago

More than 360,000 Australians apply for early release of superannuation under coronavirus assistance scheme

ABC  

More than 360,000 Australians have applied to get an early release of their superannuation under the Federal Government's plan designed to help jobless Australians and those facing financial hardship because of the coronavirus crisis. Treasurer Josh Frydenberg has said the provision, announced as part of the Government's second-round stimulus package, would amount to less than 1 per cent of the …

Five questions about superannuation the Federal Government's new inquiry must ask
5 years, 6 months ago

Five questions about superannuation the Federal Government's new inquiry must ask

ABC  

The government's new retirement incomes review will need to work quickly. In 2014, more than 20 years after compulsory super began, the Murray Financial System Review asked the government to set a clear objective for it, and two years later the government came up with one, enshrined in a bill entitled the Superannuation Bill 2016. The bill lapsed, but the …

Millennials face poverty in retirement without super overhaul, think tank warns
6 years, 7 months ago

Millennials face poverty in retirement without super overhaul, think tank warns

ABC  

Policy researchers are using the latest round of hearings at the banking royal commission to push for a complete reformation of Australia's superannuation system. "As recently as 2012, two out of five people had, more or less, no super coming into retirement," CIS research director Simon Cowan said. The super myth about retirement Photo shows generic money custom picture "Savings …

Malcolm Turnbull indicates opposition to allowing super for home deposits
7 years, 11 months ago

Malcolm Turnbull indicates opposition to allowing super for home deposits

ABC  

Prime Minister Malcolm Turnbull has reiterated his opposition to letting young people access their superannuation to purchase a home, but stopped short of explicitly ruling it out. But one Coalition MP described the plan as "madness" and a senator said it could overheat the housing market, comparing it to pouring petrol on a fire. Mr Turnbull described the proposal as …

Superannuation access for a home deposit: Tony Abbott says, why not?
7 years, 11 months ago

Superannuation access for a home deposit: Tony Abbott says, why not?

ABC  

Allowing prospective home buyers to access their superannuation to purchase a property is "a good idea" that should be considered by the Federal Government, says former prime minister Tony Abbott. Key points: Tony Abbott says proposal to allow access to super for home deposits had "some merit" He says Government needs to focus on increasing housing supply Government has not …

Employers 'short-changing' Australian workers by withholding superannuation payments, report says
8 years, 3 months ago

Employers 'short-changing' Australian workers by withholding superannuation payments, report says

ABC  

About a third of Australian workers are being ripped off by rogue employers who are holding back some or all of their superannuation entitlements, according to a report out today. Key points: Study suggests average worker short-changed $1,489 of super in 2013-2014 Nearly a third of workers eligible for super guarantee being short-changed: Industry Super Australia CEO Small to medium-sized …

The superannuation myth: Why it's a mistake to increase contributions to 12pc of earnings
8 years, 5 months ago

The superannuation myth: Why it's a mistake to increase contributions to 12pc of earnings

ABC  

So much of the national conversation about superannuation simply assumes that "savings for retirement" is synonymous with "superannuation savings". Even ASIC's retirement savings calculator — which enables people to estimate their future retirement income — presumes that superannuation and the Age Pension alone will fund retirement. Even younger households save a lot outside of super When confronted with facts about …

Paul Keating calls for longevity tax to supplement superannuation for people aged 80 to 100
10 years, 10 months ago

Paul Keating calls for longevity tax to supplement superannuation for people aged 80 to 100

ABC  

Former prime minister Paul Keating is calling for an extra tax levy to supplement the superannuation income of people over 80. Mr Keating has told Lateline the existing compulsory superannuation system should have the capacity to cover people aged 60 to 80, but more is needed as Australians continue to live longer. Mr Keating says a so-called longevity levy of …

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