Hitting business for extra super won't save the pension

February 07, 2019

New figures show that Bill Shorten's plan for a Labor government to increase compulsory superannuation contributions will not reduce pension costs this century.

The Conservative Party's policy opposes any increase in compulsory superannuation contributions, preferring Australians develop and be rewarded for establishing their own retirement security.

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The Australian Financial Review reports, economic modelling by the super industry's preferred actuary, Rice Warner, shows the legislated increase in the superannuation guarantee from 9.5 per cent to 12 per cent between 2021 and 2025 "will not have much impact on the age pension for many years".

The super tax breaks related to increasing compulsory super will continue to exceed the budgetary savings from foregone age pension spending to about 2100, because the extra super contributions will be taxed lower than foregone wages.

Higher super contributions will reduce Australia's age pension spending burden by about 0.1 per cent of GDP in the second half of this century on current means testing rules, but this will be outweighed by the lower government revenue of about 0.22 per cent of GDP, Rice Warner said in a newsletter to clients.

Conservative Party leader Cory Bernardi has told 2GB's Luke Grant the only way to make sure whichever government holds power in the House of Representatives, you need to vote for Conservative Party senators in the Senate to take out a common sense third party insurance policy against govermment stupidity.

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NO B.S. Bring Back Common Sense to Australia - we must block Bill Shorten's plans to destroy jobs, bankrupt the economy, unleash political correctness and reward Labor's political comrades. Add your name if you agree.

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