ISA has called for the immediate release of the RIR in order to test and verify its findings, saying that a draft was not circulated for stakeholder comment and relies on modelling using data that is not available to the public or external experts.
“The community knows that government faces a tough task, but we can’t have this review remaining hidden or used as part of a secret plan for super to create an Australia where there are those that can have a dignified retirement and those that can’t,” said ISA chief executive Bernie Dean. “Super is already a great economic leveller for most Australians but we need to do more to avoid us ending up as a divided nation, with millions of women and low-income earners scraping by just on the aged pension.”
ISA is calling for the legislated increase to the superannuation guarantee to go ahead, as well as the abolition of the $450 monthly threshold on super and the removal of underperforming funds from the system.
The government is due to receive the review today.
More to come.
