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Press office
18 March 2012

More Super for Australians

Joint media release with
the Hon. Bill Shorten
Minister for Financial Services & Superannuation

The Gillard Government has today launched the MoreSuper.gov.au website to help Australians assess the improvement in their retirement savings that will be delivered as part of the Minerals Resource Rent Tax package.

The MoreSuper website provides a simple calculator that allows people to input their details and find out the projected improvement in their retirement savings.

For instance, a 30 year old on average full-time earnings is estimated to receive in excess of $100,000 extra at retirement as a result of the Government's reforms.

Under the changes:

  • the superannuation guarantee rate will be progressively increased from 9 per cent to 12 per cent, benefiting 8.4 million Australian workers;
  • a much needed extra superannuation contribution will be provided to 3.6 million Australians on low incomes, worth up to $500 a year in extra retirement savings for a person with an income up to $37,000; and
  • the maximum age limit on the superannuation guarantee will be removed, meaning an additional 51,000 Australians aged 70 and over will continue to be entitled to superannuation contributions.

These changes will provide Australians with a more secure and comfortable retirement. They will also boost the nation's pool of savings by a staggering $500 billion by 2035, further strengthening our economy.

As well as increased superannuation, the Government is also using the MRRT to provide tax cuts for all companies, large and small, offer a major new tax break for Australia's 2.7 million small businesses and invest in roads, bridges and other infrastructure.

Unfortunately the Coalition is going to vote against these important reforms - Tony Abbott would prefer to give a tax cut to super profitable mining companies than boost the retirement savings of every working Australian.

All Australians deserve to share in the benefits of the mining boom.

The Gillard Labor Government will continue the fight to ensure more Australians enjoy the opportunities of the Asian Century and not just a fortunate few.