Morrison’s Retirement Income System Review panel a step away from adequate super

The ACTU is calling on the Government to rule out changes to the legislated increase of the superannuation guarantee to 12 per cent ahead of the Retirement Incomes Review.

The panel has been established with no workers’ representatives, showing that the Morrison Government isn’t interested in the input of the people whose retirement incomes the inquiry will discuss.

The appointment of Dr Deborah Ralston who campaigned for the Government at the last election is a signal that the Government may backflip on its promise of a superannuation guarantee increase to 12 per cent from 1 July 2021.

Earlier this year, Dr Ralston called for superannuation to be non-compulsory for low-income earners, a proposal which would destroy the retirement savings of millions of workers.

The review should be an opportunity for the Government to affirm its commitment to 12 per cent contributions, but the members of this panel shows that it will be just another ideological attack on workers’ retirement security.

As noted by ACTU Assistant Secretary Scott Connolly:

“The Government should re-consider the appointment of Dr Ralston to the Review of the Retirement Income System and reconstitute the panel to ensure workers’ voices are heard.

“This review should be an opportunity to increase workers’ retirement security but the make up of the panel and the ideas being thrown out by Government backbenchers suggest this will be another attack on the rights of working people.

“The only ideas the Government has had for superannuation and workers’ retirement so far are to cut the pension for hundreds of thousands of workers, raise the retirement age to 70, attack industry super funds, and to include the family home in the age pension assets test.

“Morrison must immediately rule out any changes to the currently legislated superannuation guarantee to 12 per cent, and commit to a fair review which puts workers at the centre.”

/Public Release. View in full here.