Blocking the legislated superannuation guarantee (SG) increase from 9.5% to 12% will not increase wages as wage growth hit record lows the last time the Government froze super, according to Australian Council of Trade Unions (ACTU).
The ACTU pointed to comments by former Prime Ministers Paul Keating and Kevin Rudd that said cutting super amounted to the “biggest single act of grand theft”.
The union said blocking the SG increase would cost Australians $14.1 billion every year with the average Australian taking a $1,630 annual hit to their retirement savings.
ACTU president, Michele O’Neil, said: “Cuts to super will only result in less retirement savings, not higher wages. We know that because since the last time the government froze super, wage growth is at record lows.
“It’s completely hypocritical that while demanding Australian workers receive no more than 9.5% in super, Liberal MPs are taking home 15.4% for themselves.
“The Government are trying to use the cover of a pandemic to pursue one of their favourite political issues of cutting superannuation. The result would be Australian workers forced to work longer and live with less when they retire.”
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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