Media release
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Tuesday October 20th, 2010
Coalition’s anti-super stance puts retirement adequacy at risk: AIST
The lack of commitment to superannuation reform by the Coalition was fuelling uncertainty for Australian workers
saving for their retirement, the Australian Institute of Superannuation Trustees (AIST) warned today.
Responding to comments made by Shadow Treasurer Joe Hockey to Parliament this week that a 9% compulsory super
rate was “about right”, AIST CEO Fiona Reynolds said the Coalition stood alone with Ken Henry on the issue of 9 per
cent, with the rest of the community - including unions and many business groups - supporting the Government’s
phased-in rise of compulsory super to 12% in addition to its wider super reform agenda.
“Lifting the SG is a simple, straightforward reform that will strengthen our retirement incomes system, improve
national savings and address the challenges of our ageing population,” said Ms Reynolds. “It’s widely acknowledged
that the move to 12% super is critical for most Australian workers and, arguably, should be even higher for casual,
part-time and female employees”.
Ms Reynolds said the Shadow Treasurer’s comments about super system tax inequities failed to take into account the
Government proposal for a rebate for those earning less than $37,000, which will mean that low income workers will
–
effectively - no longer pay tax on their super contributions.
“This much-needed tax reform has largely addressed industry concerns about inequity in our system and will deliver
benefits to low income earners similar to those proposed by the Henry Tax Review,” said Ms Reynolds.
Ms Reynolds said it was regrettable that - in this new round of debate about the role of superannuation in Australia's
retirement future - the Coalition had reverted to its position of 20 years ago when it opposed legislation to establish
Australia’s compulsory super system - a system now envied by the rest of the world.
“It seems the times have changed, but the Coalition hasn't. Once again it is standing in the way of much-needed
economic and social reform when it could be playing a positive role in this next stage in the evolution of our system.”
Further media enquiries: AIST CEO Fiona Reynolds: 0408 336 116 Enquiries: AIST Media Manager: Janet de Silva:
0448 000 499
AIST is the peak industry body for the $450 billion not-for-profit super sector which includes industry, corporate and
public sector funds covering the super interests of nearly 2/3 of the Australian workforce.
NEWS 
