The superannuation guarantee increase has come into effect from the beginning of this month and Outsider has noticed this has either been a call for celebration – or dismay – depending on how your salary is packaged.
For those who signed contracts “inclusive of super”, they have taken the burden of funding their own super increase.
Of the big four banks, ANZ was the only one that had some employees suffer this, while Macquarie Bank similarly did too.
However, the biggest victim was the executives of Qantas, including chief executive Alan Joyce, who were the only ones at the airline to include super in their total remuneration package – and Outsider is always quick to weep for any executive who misses out on the slightest remuneration increase.
But the Minister for Superannuation, Financial Services and the Digital Economy, Senator Jane Hume, had been quick to gloat that the Coalition “warned” us this would be the case.
“Despite months of Labor and Industry Super Australia denying the trade-off between super increases and take-home wages, the Government has always been aware that there is in fact a trade-off,” Hume said.
However, Outsider will also point out the Coalition have also been quick to gloat about the self-sustainability of the super system as presented in the Intergenerational Report, which is due to the boost in the super guarantee.
Of course, for Hume and other legislators, they will reap the benefits of consistent salary growth with a 15.4% super guarantee. Funny how there doesn’t seem to be a trade-off for Persevering Jane.