Compulsory superannuation creates a "false economy" and does little to alleviate the burden on the aged-care pension, according to Liberal senator Gerard Rennick. The government has commissioned a review into its compulsory superannuation scheme, which was establish under the Keating government in 1992 to ensure workers can retire with dignity. Under the current program, employers have to pay 9.
5 per cent of an employee's salary into super, which can be accessed by retired workers at 60. Under bipartisan agreement, compulsory super contributions will rise to 12 per cent by 2025. Senator Rennick told Sky News super is failing "because it buys assets, it doesn't build assets". "Super funds invest $600 billion offshore and you have got to ask yourself why they haven't invested in the car industry to keep that up and running," he said.
SenatorRennick The idea is good but once someone has $20,000 in it they should be allowed to use it as a deposit for a home. You can lose it all overnight on the stock exchange and no is ever held accountable.
SenatorRennick hands off our super and our homes!
SenatorRennick Absolutely right,,low wage earners have no benefit regarding superannuation,,however the CEO’s of Superannuation are rolling in the blood of those never to see it!
SenatorRennick You can't keep changing the goal posts with superannuation. People are using the rules and planning years in advance for their retirement. People must be secure in the knowledge of what they are doing is right.
SenatorRennick Super should only be available as a pension, and should not be cashed in to pay debt.
SenatorRennick Compulsory superannuation creates another saving bank for the economics multiplier effect while the actual retail bank has increased safeguards.
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Severe thunderstorms to batter Australia's east coast | Sky News AustraliaSevere thunderstorms are continuing to wreak havoc across inland parts of New South Wales. \n\nCoonamble - in the state's central west - received almost 70mm of rain overnight as well as recording dangerous wind gusts of more than 120km\u002Fh. \n\nDrought stricken Tamworth also recorded 20mm in the gauge. \n\nMore storms are on the way for eastern Australia with Sydney, Melbourne and Canberra in the firing line on Tuesday afternoon. \n\nImage: Getty
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