Home > General, Superannuation > Super roundtable talk

Super roundtable talk

February 26th, 2012 Leave a comment Go to comments

Now there is going to be another gabfest on super, but can the Australian super provide a better standard of living in retirement for the average Australian citizens?
Although the super contributions are compulsory, the Australian government does not provide a defined benefit system for every contributor who would like a defined retirement income. Then there is the means test of the basic pension, which affects now 70% of retirees and will so in the future. Only the top 20-30% of retirees will have sufficient funds to be be independent of the Centrelink pension and they will benefit much more from tax concessions than they would from a full age pension.
Ironically, organizations like ACPSRO (Australian Council of Public Service Retirees Organization) and its affiliated Associations are only trying to get the government to index the super of its members the same as the age pension is indexed, and while this would benefit to some extent, all of their members, it would benefit mostly the high super recipients.
Acoss,The Seniors, as well as the ACTU are also looking mainly after the high income earners.

It does not matter which party is in government, they are only representing the elites of this country, as far as the social service of Australia is concerned.
The Australian government provides every retiree the safety net of the age pension by using the means test, yet this system penalises the retirees who have just sufficient income, or assets to be affected by the means test, and will not change by the compulsory super, because 70-80% of the people will never accumulate sufficient income or assets to be independent of the age pension.</em>
Instead of looking to the US for guidance on social systems, the government should look at Japan,Germany and other more socially egalitarian countries.

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)
VN:F [1.9.22_1171]
Rating: 0 (from 0 votes)
  1. No comments yet.
  1. No trackbacks yet.