The Australian’s Judith Sloan has published an article today arguing against raising the superannuation guarantee – the amount that employees must compulsorily contribute to super – to 12%:
There is definitely one sense, however, in which our superannuation system is the envy of the world: it is a goldmine for the funds, the advisers, the fund managers and assorted hangers-on that extract extraordinarily high fees and charges from the members of superannuation funds who are given no choice about contributing and, in many instances, no choice about which fund to join.
