A debate is raging about whether a rise in the rate of compulsory super could leave workers with lower wages. Funds are set to reap $500 million more in fees if next year's legislated super guarantee rise goes ahead as planned.
"It stands to logic that if you have less superannuation money going into the system, industry super funds, who are already playing a significant role in the economy, will have less money to invest in things that generate jobs and economic activity," Mr Dean says.ISA estimates it could short-change the average 30-year-old couple about $150,000 to $200,000 at retirement.
Senator Andrew Bragg is among a number of Liberal backbenchers pushing the Government to abandon the super increase. He recently released a book calling for a major overhaul of super funds, including moves that would drastically cut fees and allow people to put their savings towards their own homes. The same day Mr Keating went on the attack, another former prime minister, Kevin Rudd, described suggestions the compulsory super increase would come at the expense of wages as "the biggest bullshit argument I have ever heard".
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