Industry Super Australia bigwig and former union strongman, Greg Combet, has gone on another propaganda tirade against calls to freeze Australia’s superannuation guarantee (compulsory superannuation) at the current 9.5%:
As the cornerstone of Australia’s retirement income system, compulsory superannuation is one of our greatest success stories. It has created a significant pool of capital that is now benefiting our economy and financial system, it is a key mitigant against wealth inequality, and it is enabling people to have a better living in retirement…
More than 4 million Australian workers will end up with less money at retirement, and we’ll all end up paying more in tax to support even more people on the pension. Australia would create a large underclass of people outside the super system, and to assert that their lost super would be replaced by higher wages denies real world experience.
