Local Media

CUTTING THE SUPER GUARANTEE - EVERYONE PAYS

August 07, 2020

Federal Member for Blair, Shayne Neumann, has savaged calls from coalition MPs to further delay the scheduled Superannuation Guarantee increase from 9.5% to 12% by 2025.

 

Recent rumblings from within the Morrison Government indicate a back flip on the legislated increase of the Superannuation Guarantee is being put forward by a vocal group of backbench Liberal and National MP’s.

 

This move comes after recent statistics indicated a staggering 4,350 people in the electorate of Blair have wiped out their entire retirement savings through the Morrison Government’s early release of superannuation scheme.

 

Mr Neumann said many families have already lost out because of previous delays in scheduled Super Guarantee increases.

 

“Families already concerned about whether they’ll have enough to live on in retirement will be up to $200,000 worse off if the Super Guarantee rate is frozen,” said Mr Neumann.

 

Industry Super Australia (ISA) analysis shows a delay in Superannuation Guarantee would impact 55,000 people across Ipswich, the Somerset Region and the Karana Downs region with an average loss of $1434 per person per year.

 

 

“Coalition MPs agitating for a delay in the Superannuation Guarantee are happy to see $78 million dollars ripped out of the retirement savings of people in Blair,” said Mr Neumann.

 

Mr Neumann said the ISA analysis shows that if the super rate increase were cut, an average 30-year-old man who took $20,000 from their super would either lose $180,000 from their retirement or be forced to work until 74, while an average 30 year-old female would need to work an extra eight years or have $150,000 less at retirement.

 

“Now more than ever, people in my electorate need the legislated rise in the Super Guarantee to help rebuild their retirement balances,” he said.

 

The ISA analysis, based on Treasury, ABS, ATO and Australian Prudential Regulatory Authority data, has also indicated 19,172 people living in Blair are owed at total of $36.9 million in unpaid super.

 

The data shows around a third of all workers in the electorate are owed an average of $1926.

 

“This is very alarming, so I encourage everyone to check their pay slips and check their superannuation accounts to make sure they are receiving all of their entitlements,” Mr Neumann said.

 

 

WE'LL PUT PEOPLE FIRST