Why the super guarantee should not increase to 15pc as Keating wanted
There is no case for further increases to compulsory contributions. Instead, this wealth creation machine must now pivot to help Australians wisely manage their retirement savings.
Australia’s superannuation system embodies a simple but powerful philosophy: think big, think long, and spread the gains widely. It has achieved something extraordinary, transforming a nation of workers with patchy retirement coverage into one with $4.1 trillion in accumulated savings.
But our greatest achievement has created our next great challenge. We’ve mastered helping Australians build wealth for retirement; now we must master helping them use it wisely once they stop working.
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Wayne Swan is Cbus Super Chair and a former Treasurer and Deputy Prime Minister of Australia.
