The Federal Government is about to face a major industry funds advertising campaign in defence of the scheduled increase in the superannuation guarantee (SG) to 10%.
Amid equivocation on the part of the Government about whether the next scheduled rise in the SG will actually occur, Industry Super Australia (ISA) has announced it will embark on a mass-media campaign.
It said the campaign was aimed at protecting members’ financial interest and warn them the government is poised to abandon or undermine the boost in the super guarantee to 12% – which could blow a six-figure hole in an average couples’ retirement savings.
“Despite making an election commitment to not interfere with the legislated super guarantee increase the government is now considering cutting it or making other adverse changes,” ISA said in a statement. “These changes could push retirees into having to sell or mortgage their home to get by.”
“The government’s proposed changes to super would leave millions of workers worse off at retirement and over their lifetime, force them to pay more tax and would add more than $33 billion to the aged pension. Cutting the rate would also put women further behind as more women than men get the super increase.”
The ISA said its mass-media campaign would launch tonight during the Seven network’s AFL broadcast and would involve real people talking about how they would have to work longer, retire with less or sell their home if the government messes with super.
The campaign will run nationally across free-to-air and on demand TV, online, radio and outdoor.
Comments
Never doubt the influence of self interest!
With most industry funds now charging over 1.2% p.a. a 5% increase in contributions per annum is a nice little earner.
Totally unbiased
Members interest ?? Yeah right ?
No conflict of interest here from the industry funds? A payrise or an extra contribution to super - what do most economist think is in the best interest of the majority of Australians?
What a great idea. Lots of their members will get an increase in their SG of ZERO because the battling employers have had to put their staff off or go broke. They obviously haven't noticed this thing called Covid! Better to get 9.5% of something, than 12% of nothing you clowns.
But that's OK, 'cause everything they do is for the benefit of their members. Pull the other one; it yodels.
Conflicted, vested self-interest with greed the primary motive, masked by self-righteous clawing for the moral high ground guised as 'public interests'.
Sickening.
And the limp arsed LNP Fed Gov haven't gotten the guard dog ASIC to heel, let alone pursuing these thieving scum with a view to rip out their jugular, like the corrupt Labor Fed Gov did to our profession.
So the unions are going to use workers' money, to mount a political advertising campaign designed to give the unions an even bigger share of workers' money?
Will the members be advised of the cost of this stupidity? What is the effect going to be on the funds capital and the individual members initially and for the future retirement benefit ? You take it out it effects the overall result ( on the members ) not the management or Unions pockets
In this advertising are they going to declare their own self interest and the significant increase to their own cash flow and control of capital? Are they going to make it clear that an increase in SG is likely going to replace an increase in salary. Is going to made clear that the benefit to members retirement balance decades away is at the detriment to members household cash flow today. ISA will get an instant and immediate benefit, at the cost of instant and immediate benefit to members. If their ad is going to present anything like I expect it will, it should be illegal for them advertise in such a conflicted way with a clearly one-sided view as to what constitutes member benefit.
When have wages for the average employee risen over the last ten years? Rarely (a part of the problem causing slow economic and business growth) despite the increases in workplace productivity and business profits (and executive bonuses).
At least with a SG increase, employees will get some form of personal gain from their work.
"At least with a SG increase, employees will get some form of personal gain from their work."
Are you saying that Industry Super is Guaranteeing all funds deposited and returns declared by Industry Super will be available for a member upon their chosen date of retirement?
Sorry, just read your statement again Hedware and basically, it means nothing.
This does. "A bird in the hand is worth more than two in the bush".
Let those who earn the money have a say in how it is used.
Just like Wilson and his cronies who want employees to fund his wealthy mates and want the taxpayers to fund their pensions.
The rise in SG will benefit those in retail super as well.
But you have missed the calculation - it's no wage rise vs a SG rise. If there is no SG rise, then there is no gain because there's no wage rise to compensate. So there's no bird in the hand for the employee.
No gain in SG means there's no gain for financial advisors. Lawyers and real estate agents can apply.
Complete silence from the other side of super - freeloaders.
I have to write - I am far more concerned about the number of self employed with nil super contributions every year, than an employee who is already getting 9.5% going in for free. I would rather see everyone people be required to put in 9.5% of gross income, or even 6% of gross income than a portion of the population get a free handout. What do others think?
Don't worry ASIC will turn a blind eye as yet again the union funds use their members funds to push their own political agenda and directly benefit themselves. ASIC doesn't even try to hide their bias anymore, and the union funds know the rules don't apply to them at all. Must be nice.
What do we want?
A disguised legislation based increase in pay with no need to disclose how much it will cost our members for us to get it.
When do we want it?
Now!!!
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