Lib Senator: Make SG voluntary for low income earners

25 July 2019
| By Mike |
image
image
expand image

Newly-elected NSW Liberal Senator and former Financial Services Council (FSC) policy executive, Andrew Bragg has called for the superannuation guarantee (SG) to be made voluntary for people earning less than $50,000.

Bragg used his maiden speech in the Senate to claim that the superannuation system was not working for Australians and that the industry had not made a case for even bigger super.

“I would change direction,” he said. “Superannuation should be made voluntary for Australians earning under $50,000.”

In doing so, Bragg pointed to Grattan Institute analysis which claimed that Australians were spending $23 billion a year on energy costs, but $30 billion a year on superannuation fees.

“Superannuation is a classic case of vested interests triumphing over the national interest,” he said. “Fees are too high and there is not enough competition.”

Senator Bragg will be delivering a keynote address at Super Review’s Future of Superannuation event in Melbourne, next month. https://www.cvent.com/events/superannuation-in-melbourne/registration-6c713d32479f49b09f6ec08f4875ce2c.aspx?fqp=true

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 13 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 13 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 14 hours ago