You've probably heard a lot of talk about superannuation lately – and a lot of misinformation. Bill Shorten, the Minister for Financial Services and Superannuation sets the record straight.
Labor has announced how we'll make superannuation fairer for those on lower incomes and more sustainable for the future.
You can share these facts to set the record straight:
1. A person aged 30 today on average full-time earnings will now retire with an extra $118,000 in superannuation savings.
2. Only people with superannuation savings of $2 million or more will be affected by these changes – this is only 0.4% of Australians retiring in 2014-15.
3. The Liberals want to cut additional superannuation support for 3.6 million low paid Australians, including 2.1 million women, and oppose these changes for 16,000 wealthy Australians.
Former Prime Minister Paul Keating says the changes are in keeping with the original intention of Labor’s superannuation system, which was never meant to be an income shelter for those able to contribute increasing levels of precautionary savings.