Media Release
Unions NSW
Friday 2nd July
Compulsory superannuation boost not a victim of mining tax deal -
a
boon for NSW economy and working people.
Mark Lennon, Secretary of Unions NSW, said this morning that today’s confirmation from the
Federal Government that they will proceed with planned increases to compulsory
superannuation is an important boon for working people and the New South Wales economy.
“Today’s announcement means that even more hard-working Australians can look forward to a
decent retirement in the years to come”
“Being the largest state the cost of living in New South Wales is high. As such working people
retiring here will benefit the most from increased retirement savings” said Mr Lennon.
Whilst the three million people in employment in NSW will directly benefit from today’s
confirmation, it will also boost national savings adding further resilience to the economy.
“The increase in compulsory superannuation from 9% to 12% is the most significant reform in
superannuation in twenty years. It will provide a significant boost in national savings,
stimulating future investment”
“The pool of national savings created by compulsory superannuation has helped Australia
withstand the global economic downturn and today’s announcement will further reinforce
this.”
“Increased national savings will better allow for investment in infrastructure thus removing
capacity constraints from the economy. It’s like the gift that keeps on giving” said Mr Lennon.
Unions NSW also welcomes the fact that today’s announcement will create jobs for New South
Wales.
“With 47% of Australia’s financial services employees working in New South Wales the growth
in the superannuation industry will result in significant job creation for New South Wales”
“Sydney is the financial services hub of Australia currently employing 168,000 people. It’s the
third largest sector in the New South Wales economy and we look forward to the continued
growth of this important part of the state’s economy” said Mr Lennon.
Contact: Stephen Dampf, Media & Communications Officer, 0405 663 466 or 02 9881 5999
NEWS 
