Money magazine Comments - Hiking super payments would cost Aussies' quality of life now

Comment by Richard B ()

Richard B () — Fri, 20 Nov 2020 15:36:14 +1100

Just remember "Workers received no pay rise after the last superannuation guarantee hike was scrapped: ISA".

https://thenewdaily.com.au/finance/superannuation/2020/10/29/superannuation-guarantee-wage-freeze/

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Comment by Eric Coyle ()

Eric Coyle () — Sat, 21 Nov 2020 20:27:40 +1100

We have heard this in the past when super increases where put of and wages where supposed to go up but didn't. Why is the SG to be limited at 9.5% but politicians still get 15% plus.

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Comment by Linda Glowacki ()

Linda Glowacki () — Sun, 22 Nov 2020 07:41:11 +1100

Is it likely the contribution cap will increase from $25,000 before tax penalties when the super guarantees increase.? What is the penalty if someone contributes $30,000 in the current system (total from both employer and employee additional contributions)?

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Comment by Helen Cherry ()

Helen Cherry () — Sun, 22 Nov 2020 09:05:33 +1100

Wasn't the increase in super payments over time based on the assumption that incomes would increase over time? Doesn't this report highlight there is something wrong if this hasn't happened?

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Comment by Robyn DAVIES ()

Robyn DAVIES () — Sun, 29 Nov 2020 17:15:18 +1100

I would love to see some critical analysis of the government's superannuation position paper by Money Magazine. This article seems to be presenting the Federal Government new study like it's all facts, rather than doing any solid questioning of whether it is or isn't in the best interests of your readers. Disappointing. Be better Money Magazine! We clearly have not had much of a wage rise for many years (and yet we have waited a long time for this legislated rise in super). And loads of people, especially women and low wage earners will still retire with very low super. Honouring the long legislated super guarantee increases is the only way many of us will reach a reasonable level of super by the time we retire. Please don't become an apologist for the Federal Government/large employer position Money Magazine.

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Comment by David Thornton, Money magazine ()

David Thornton, Money magazine () — Mon, 30 Nov 2020 09:15:14 +1100

Hi Robyn.

Thanks for reading the article.

It seems you're a bit confused about what the Retirement Income Review is. It's not a Federal Government position paper, as you say. Rather, it's an independent review that was commissioned by the Federal Government. So its recommendations are not necessarily the views of the Federal Government.

Best,

Dave

Money team

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