Today Shadow Assistant Treasurer and Shadow Minister for Financial Services, Stephen Jones reaffirmed Labor’s commitment to the legislated Superannuation Guarantee rise and called on the Government to do the same.
 
Freezing the legislated increase won’t lead to pay increases and it won’t change super tax benefits for high income earners. The original timetable has already been delayed twice costing workers who are retiring today between $60,000 and $100,000 in their superannuation balance.
 
Too many Australians retire without adequate retirement savings, which is why our super system needs to be strengthened and protected, not undermined.
 
Our world class super system means we have a $3 trillion pool of savings. This not only creates a retirement nest egg for Australians - it is being invested in infrastructure and businesses which are generating wealth, creating jobs and ensuring Australians own more of the economic activity in this country.
 
When Labor established universal occupational super we wanted it to apply to all Australians -  not just the wealthy. By including super as part of the pay packet, every Australian has the opportunity to put aside a retirement nest egg. 
 
The Reserve Bank has identified low productivity growth, globalisation, under-employment and a decline in bargaining power all as drags on wage growth. Wages are weak not because of the super guarantee but because the government has no credible economic plan to raise them.
 
We agree that workers need a pay rise. We don’t think they should pay for it with super cuts.
 
The last time the Liberals and Nationals froze the Superannuation Guarantee wages growth didn’t pick up, we got record low wages growth instead.
 
The Liberal Party has form when it comes to undermining superannuation. They have opposed every increase.
 
Labor created our world-class superannuation system so every day Australians can have dignity in retirement, and we’ll always fight to protect it.