Union renews call for 15pc super
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BRISBANE, March 15 AAP
March 15 2010, 11:16AM
One of Australia's biggest unions has called for 15 per cent compulsory superannuation to be introduced before the next federal election.
Australian Workers Union national secretary Paul Howes told the Conference of Major Superannuation Funds in Brisbane on Monday it was time for action on raising the rate from the existing nine per cent.
"The big goal before the federal election should be delivering 15 per cent super," Mr Howes said.
He said while he was on the record as saying it should come through tax cuts, this was unrealistic given the budget deficit following the global financial crisis.
Other ways to implement it could include extra government contributions, more employer contributions, the abolition of commissions on super, incentives to self-contribute or corporate tax cuts with savings redirected to super.
Mr Howes said shysters and dodgy investment promoters needed to be kept well away from retirees' money.
"I want to add my weight to the industry fund movement's call for regulatory reform to abolish the commission system of remuneration for financial advisors - as is currently happening in the United States and the UK," he said.
"Research ... clearly shows that the fees and commission paid by retail fund members could cost someone on average wages more than a year's salary over their working life."
The conference will on Monday afternoon hear from Jeremy Cooper, the former ASIC deputy chairman who is reviewing the structure of the superannuation system.
