Bill Kelty: Fix wages, not super

25 October 2019

Bill Kelty, one of the founders of Australia’s superannuation system under the Keating government, says it wasn’t the superannuation system or superannuation guarantee (SG) that needed to be fixed, but wages for workers.

Speaking at the ‘Superannuation: Rebooting the system that is failing many Australians’ panel at the Crescent Think Tank launch, Kelty said all the discussion around changes to super prevented generational confidence in the system.

“The most important thing to say to working people and the people of Australia is stop all the changes in super, stop all this nonsense, stop threatening it all the time,” Kelty said.

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“Leave it alone so the [new] generation can get confidence in the system again.

“It’s not to say there aren’t issues, but people making generational decisions are sick and tired of governments coming in, changing and reviewing it.”

He acknowledged there were still issues for people who were out of the labour force for periods of time, particularly women, as well as for young people who drifted between casual jobs.

“Women are treated unfairly, fix up that issue, but leave the system as it is. Leave the commitments as they were,” Kelty said.

Kelty said the government should follow through on increasing the super guarantee (SG) to 12% as it was originally agreed and to stop deferring changes.

“Not one word was said in the last election about moving the SG to 12%, but now the election is over and suddenly people are having an enquiry," Kelty said.

“We wonder why people lost trust in politics, they got told by no one this was on the agenda.

“Just meet your commitments, do what you told people you would do and implement the 12% and keep your promise.

“Leave super, fix up wages, don’t continue to steal money and steal super off decent working people, because that’s all that argument is.”

Former Liberal opposition leader, John Hewson, said assistant minister for superannuation, financial services and financial technology, Senator Jane Hume’s, proposal for a 10% SG would be inadequate.

“I think it’s ridiculous to imagine you can set a policy by saying this is a nice round number, because I don’t think that makes any sense at all,” Hewson said.

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Kelty & Keating ae two of the biggest grubs who screwed the system from the start and let the worst elements possible, union leaders, get their sticky hands in the honeypot.

Since then they have stolen wealth to the tune of hundreds of millions of dollars from members under the guise of fees, consultant expenses or board member costs etc.

No wonder this ex-union leader wants to stop a Lib gov from running an enquiry into super; utterly scared of what it will uncover and that the union and labor gravy train may come to a screeching halt.

Now wouldn't it be nice to see a number from the other side (ASICK joke's pet, industry super) be brought to account and go to jail over the rorts we know they have orchestrated over the years? Heddy, you out there?

Kelty is simply trying a diversion tactic now. Now that they have knocked out their main competition, the Big 4 banks (& bravo to the Union based Industry Funds(ISF's) for that. Pretty impressive move using taxpayers money to fund a Royal Commission that made it worse for consumers, good advisers, and competition).
Now that they have done that he realises that if we keep talking super we will eventually uncover the theft going on by Industry Funds with their brotherhood of Unionised Moneypots(Honeypots). I've been in this Industry for 21 years and can see that the Fees these Industry Funds charge are about 5 X TIMES what is required. Is a blatant ripoff, especially when you are given no choice of product. Here you are consumer, we are going to give you no choice of product, but we want a recurring 1% p.a. of your money. Maybe it's time that the Government and ASIC, & CHOICE really 'Compared the Pair'. Lets take a good look at this blatant consumer ripoff that slivered it's way past the Royal Commission & Mr Hayne. No wonder Kelty is so eager to change the subject.

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