The lunch that changed Australia’s economic destiny
Paul Keating and Bill Kelty hatched Australia’s extraordinary superannuation system over chicken tandoori in Melbourne. They explain why they tore up the rule book.
A four-person lunch at the India House restaurant in Melbourne, on Wednesday, January 30, 1991, is the key reason Australians now pay 10.5 per cent of their wages into super, rising to 12 per cent by 2025.
That conversation over tandoori chicken and pakoras would lay the ground rules for a superannuation system that became today’s extraordinary financial force – one that is increasingly powerful internationally as well as domestically, with more massive growth guaranteed into the future.
Jennifer HewettColumnistJennifer Hewett is the national affairs columnist. She writes a daily column on politics, business and the economy. Connect with Jennifer on Twitter. Email Jennifer at jennifer.hewett@afr.com
Tony BoydContributorTony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
