![]() ![]() Industry super funds have tended to be much more measured in their arguments in favour of not-for-profit super. Their efforts to undermine confidence in the retirement income system were counterbalanced by the Callaghan review, which found the system is “effective, sound and its costs are broadly sustainable”. They seem to want to turn super into a cash deposit machine for first-home buyers. The constant barrage of destructive comments about super from a group of federal Liberal Party politicians with overweening ambitions has not helped. This looks like ideology outweighing good political sense, given Morrison made an election promise to lift the super guarantee charge to 12 per cent. ![]() The federal government scores poorly because of the sheer hypocrisy of politicians – who enjoy super contributions of 15 per cent – trying to stop the average Australian being awarded a super contributions increase of 0.5 per cent to a guaranteed 10 per cent in July next year.
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