Australia’s superannuation farce to worsen under Labor

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By Leith van Onselen

The Australian’s Judith Sloan has once again torn apart Australia’s compulsory superannuation system, describing it as a “national disaster”. Sloan claims compulsory super now only serves to benefit the superannuation industry, rather than its members, and is badly failing low-income earners or middle-income earners, whereas rich people do not need it. Meanwhile, Sloan argues that the system will only get worse if Labor wins the election:

The present rate is 9.5 per cent, but according to the legislated schedule, this rate will increase to 10 per cent on July 1, 2021. The rate will ratchet up over the subsequent years to 12 per cent in 2025.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.