Federal Member for Ballarat, Catherine Kin g, today welcomed the release of new analysis showing the gains for workers from the Gillard Government’s superannuation reforms.
Ms King said 8.4 million hard-working Australians will benefit from the gradual increase in the Superannuation Guarantee (SG) rate from 9 to 12 per cent, including 51,500 employees in the Ballarat electorate.
“The new analysis shows the increase in retirement savings through the gradual rise in the Superannuation Guarantee rate for employees earning average wages in over 70 occupations.”
For example, the increase in super savings for a 30 year old employee who retires at age 67 and earns average full-time wages for their occupation is:
– around $75,000 for child care employees;
– around $124,000 for construction and mining labourers;
– around $124,000 for electricians;
– around $66,000 for hairdressers;
– around $82,000 for hospitality workers; and
– around $79,000 for receptionists.
Ms King said the new analysis also shows the tax cut provided by the Low Income Superannuation Contribution for employees working part-time and earning average wages in over 70 occupations.”
For example, the tax cut for a person’s compulsory contributions in 2012-13 is:
– around $338 for checkout operators and office cashiers working three days per week;
– around $457 for child care employees working four days per week;
– around $402 for hairdressers working four days per week;
– around $250 for hospitality workers working two days per week;
– around $451 for midwifery and nursing professionals working two days per week; and
– around $362 for receptionists working three days per week.
Labor’s superannuation reforms will boost our national pool of superannuation savings by more than $500 billion by 2037.
“I encourage everyone in Ballarat and region to use the online Super Calculator at the www.moresuper.gov.au website to find out how much they will benefit from the Gillard Government’s super reforms,” Ms King said.
“In stark contrast to Labor’s plans to increase superannuation, Mr Abbott has broken his promise to Australian employees not to touch their super and instead is proposing to cut Australians’ superannuation savings.
“This new analysis shows the massive whack Mr Abbott and the Liberals will take to the superannuation accounts of 51,500 employees in my electorate.
“Mr Abbott has also confirmed he will increase tax on super for 3.6 million Australians earning up to $37,000 – including 2.1 million women – by scrapping the Low Income Superannuation Contribution.”
“It is a disgrace that Mr Abbott plans to jack up tax on super by up to $500 a year for 23,800 workers in the Ballarat electorate in this category.
“Labor is the party of superannuation – we created it and we’re the only party interested in growing the retirement savings of hard-working Australians.”