Government convenes super roundtable
The Federal Government has convened the sixth Super Roundtable as part of its ongoing reform to the superannuation sector.
Chaired by Minister for Superannuation, Bill Shorten, the roundtable saw 18 of the nation’s top superannuation and financial services professionals discuss the Federal Government’s reform agenda.
The two main themes touched on during the Roundtable include:
- Increasing universal super from 9 per cent to 12 per cent, and
- Cutting contributions tax from 15 per cent to zero for the 30 per cent of workers who earn less than $37,000
In addressing the Roundtable, Mr Shorten said that the reforms were key to ensuring the financial health of retiring Australians.
"The fact is Australians are living longer and they will need to be encouraged to have adequate savings to retire comfortably,” Mr Shorten said.
Today the majority of working Australians are retiring with lump sums of just under $40,000 and the average balance in super is just over $150,000 for men and $90,000 for women.