Superannuation

The majority voted against a motion introduced by Tasmanian Senator Helen Polley (Labor), which means it failed.

Motion text

That the Senate notes that—

(a) COVID-19 and the associated recession should not be used to justify changes to the scheduled superannuation payment increase from 9.5% to 12% by July 2025 – too many people retire with insufficient retirement savings, and data from the Australian Bureau of Statistics does not show that an increase in superannuation leads to a decrease in wages;

(b) with superannuation withdrawals at $32 billion, and predictions that this will reach $42 billion by the end of the year, Australians will regard this temporary measure that is allowing early access to super as careless policy management and a complete lack of foresight;

(c) there have already been 560,000 Australians who have completely cleared out their retirement savings, with 82% of these people under the age of 35 – young people will already fare worse following this pandemic and this has aggravated the problem;

(d) females are already worse off, with women retiring with approximately 47% less super than men – this is due to higher levels of part-time and casual work and repeated career breaks; and

(e) there also needs to be a more targeted approach to reducing inequalities females face, and prevent them from retiring in poverty.