There could more bad news coming for your super

After promising Australians the levy paid into their super funds by employers would rise to 12 per cent, Malcolm Turnbull
Australia

After promising Australians the levy paid into their super funds by employers would rise to 12 per cent, Malcolm Turnbull has left many people stunned after he refused to guarantee the proposal on Friday.

The increase in employer super contribution from 9.5 per cent to 12 per cent was supposed to help everyday Australians save for their retirement so they would have to rely less on the pension later on in life.

Now, information leaking from the Liberal Party is indicating the PM hasn’t ruled out putting a freeze on the current 9.5 per cent rate, as reported by The New Daily.

The revelation comes as a blow to millions of Australians who were counting on the increase, and has also shocked many voters who were led to believe the increase was a sure thing.

Mr Turnbull has repeatedly said he would stick to party policies that were already in place when he took office, which is why a backflip on super would come as a surprise to many.

While we are used to politicians saying one thing and then changing their minds later (e.g. Julia Gillard and the Carbon Tax), a change to the super increase is particularly hard to swallow for many voters as it hits low- and middle-income workers and leaves big businesses alone.

Speaking about the issue, Mr Turnbull said that nothing was set in stone.

“What is happening at the moment is that we’re having a very lively debate about tax and economic reform and so all sorts of proposals are swirling around,” he said.

Super funds themselves are also surprised the PM hasn’t committed to the proposed increase with Chief Executive of Industry Super Australia (ISA) David Whiteley saying: “it is hard to believe the government would seriously consider capping increases to universal, compulsory super, one of the major pillars in our retirement income system and our economy.”

“These proposals would reduce individual savings of millions of super fund members, reduce national savings and increase pension outlays,” Mr Whiteley said.

Would you be disappointed in the government backflipped on the super increase? Do you worry about your superannuation?

  1. This does not surprise me it won’t affect me , but it will affect my son, the hypocrisy of this Government is astounding, on the one hand we are rubbished for being on a pension and on the other hand they are stopping generations that are still working from gaining adequate retirement savings. If The Government does not to want to pay pensions it should ensure that people have enough in super to survive their golden years

    • If you read the article Mr Turnbull is not making commitments either way. He is trying to encourage active debate to understand the best way forward. The issue is becoming less about savings (super) and more about productive investment. Interest rates are merely a price of money and they reflect a lack of risk taking and innovation.

  2. This does not surprise me it won’t affect me , but it will affect my son, the hypocrisy of this Government is astounding, on the one hand we are rubbished for being on a pension and on the other hand they are stopping generations that are still working from gaining adequate retirement savings. If The Government does not to want to pay pensions it should ensure that people have enough in super to survive their golden years

  3. This does not surprise me it won’t affect me , but it will affect my son, the hypocrisy of this Government is astounding, on the one hand we are rubbished for being on a pension and on the other hand they are stopping generations that are still working from gaining adequate retirement savings. If The Government does not to want to pay pensions it should ensure that people have enough in super to survive their golden years

    • Thats right Victoria Alexandra D’Arienzo. Its ok to look after employers to a point, but why does it have to b big business they help. If they dont look after the workers very soon the emplyers wont have employees to employ. This country has gone to the Sh.tt..!!!!!😡

    • Luckily for politicians, the changes will have no bearing on their fully indexed, defined benefit, CSS superannuation… 🙁

    • It never does Rec Erskine. They make sure that they r totally well & truly looked after.

  4. This government is appalling in it’s ability to denegrate a saver and then tax them extra. Tax the corporations!

  5. This government is appalling in it’s ability to denegrate a saver and then tax them extra. Tax the corporations!

  6. When will people learn you can’t trust anything a POLITICIAN PROMISES, once again they are looking after the big boys and as it doesn’t affect them because they will no matter what get their TAX FUNDED SUPER along with all the other perks they are paid when they are finished in politics.

  7. When will people learn you can’t trust anything a POLITICIAN PROMISES, once again they are looking after the big boys and as it doesn’t affect them because they will no matter what get their TAX FUNDED SUPER along with all the other perks they are paid when they are finished in politics.

  8. Just get rid of this Liberal Government, Turnbull is just a more polished Abbott

    • Labor did no better as far as I can see just increased the country’s debt. Same old leadership changes. We voted for Abbot this time around, Rudd previously

    • get informed Rosalind Miller , you just sound ignorant, The Liberal have more doubled the deficit and besides their rorting, Like Bronwyn Bishops helicopter joy ride, we have nothing to show for it

    • Oh really Rosalind Miller, surely you do t still believe that rubbish. Labor left us with a AAA economy. Spending was to the benefit of Australia. Spending by the liberals is only on liberal sycophants who get millions for dodgy contracts and commissions.

  9. Just get rid of this Liberal Government, Turnbull is just a more polished Abbott

    • Labor did no better as far as I can see just increased the country’s debt. Same old leadership changes. We voted for Abbot this time around, Rudd previously

    • get informed Rosalind Miller , you just sound ignorant, The Liberal have more doubled the deficit and besides their rorting, Like Bronwyn Bishops helicopter joy ride, we have nothing to show for it

    • Oh really Rosalind Miller, surely you do t still believe that rubbish. Labor left us with a AAA economy. Spending was to the benefit of Australia. Spending by the liberals is only on liberal sycophants who get millions for dodgy contracts and commissions.

    • Marlene Baker then how come when Rudd came into power, after being voted in, we were not in the red but when Labor was voted out our ‘bank balance’ was seriously in the red? Now this Government has to try to please the masses (because every breathing human being has the perfect solution), run the country to keep it save and prosperous – and find a way out of the red hole. Do we know what it takes to run a country? No. Do we only look at one item or topic, shut out everything else and bark up that tree only? Most definitely!

      Problem is that we are all ever knowing and not prepared to converse in a decent manner with others who also live here and have different needs. Much easier to point fingers, accuse, lay blame and yell abuse at others. Just read all the comments and tell me I’m wrong.

    • So how do you explain the increased debt now Rosalind? If you think Labor left us with a debt, just wait until this mob are finished. At least Labor left health and education funded

    • No Sue they can’t explain, they come in and make outrageous and untrue comments and every other dill on the net ticks like

    • Shirley, your comments add absolutely zilch to our knowledge…and most of what you do say is demonstrably untrue 🌸

    • Shirley-Marié Lewis the ALP got us through the GFC pretty well unscathed but this Liberal Government is taking head long into recession, they have more than double the deficit, they have lied and broken promises and look how high unemployment is.. you may vote for that..but I won’t be

    • Rosalind Battles did you know the actual unemployment figure is around 19%? That’s the figure from last month, including those who are working part-time but want full time. I don’t know if it includes those working for the dole, they are conveniently shifted off the ‘unemployed’ list

    • probably Sue, you only have to work for one hour a week to be taken off the list, if they put the real figures in unemployment would be much higher..it is scary enough now

    • Keep bowing Rosalind Miller…you are too far out of your depth to do anything else 🌸

    • Yeah I have Rosalind Miller, Labor can fix it. This mob of incompetents certainly can’t, and neither will smart arsed comments

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