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SpanishAustralia. Super must not become a meagre pension: Labor
Superannuation should not replace a meagre government-funded pension for a meagre privately-funded one, Labor’s financial services spokesman Stephen Jones will argue on Wednesday.
He will also demand that the government release its long-awaited retirement income review to provide better information in the current debate on superannuation.
In a speech to the Association of Superannuation Funds of Australia, Mr Jones will say that by 2065, there will be about three workers for every one retired person, down from a ratio of 6:1 in the early 1990s.
Combined with lower overseas net migration and people living longer, he says the current superannuation guarantee will not be adequate.
“The shift from 1:6 to 1:3 causes an obvious problem – fewer taxpayers supporting a growing group of retirees,” Mr Jones says.
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