Sixth Super Roundtable

Minister for Financial Services and Superannuation, Bill Shorten, today hosted the sixth Super Roundtable as part of the Gillard Government's ongoing reform agenda.

"Labor is the party of superannuation; we established super and we continue to improve it," said the Minister.

"The fact is Australians are living longer and they will need to be encouraged to have adequate savings to retire comfortably."

Today the majority of working Australians are retiring with lump sums of just under $40,000 and the average balance in super is just over $150,000 for men and $90,000 for women.

The Roundtable brings together representatives of the superannuation industry, small business, employees and the community sector, as well as technical experts and academics.

The Roundtable discussion will build on the significant superannuation reforms announced by the Gillard Government, which include;

• Increasing universal super from 9 per cent to 12 per cent, and
• Cutting contributions tax from 15 per cent to zero for the 30 per cent of workers who earn less than $37,000

"Our superannuation system needs to be fair, consistent, stable and it needs to be sustainable in the long term."

"That is what I have been talking to the industry about during this reform process and that was the focus at the Super Roundtable today."

"In complete contrast, Tony Abbott has promised to cut up to $500 a year from the super accounts of the 30 per cent of Australian workers earning $37,000 and under."

*A list of the Super Roundtable members is below.

3 April 2013

Superannuation Roundtable Members