Millions of hard-working Australians will benefit from the Gillard Government's superannuation reforms, with new analysis showing the gains for workers across each industry.
The analysis also shows Labor's policies will further secure the Australian economy for the long term by significantly boosting national savings.
The increase in retirement savings through raising the Superannuation Guarantee (SG) rate is shown for employees earning average wages in over 70 occupations.
For example, the increase in super savings for a 30 year old employee who retires at age 67 and earns average full-time wages for their occupation is:
- around $75,000 for child care employees;
- around $124,000 for construction and mining labourers;
- around $124,000 for electricians;
- around $66,000 for hairdressers;
- around $82,000 for hospitality workers; and
- around $79,000 for receptionists.
Also illustrated is the tax cut provided by our Low Income Superannuation Contribution for employees working part-time and earning average wages in over 70 occupations.
For example, the tax cut for a person's compulsory contributions in 2012-13 is:
- around $338 for checkout operators and office cashiers working three days per week;
- around $457 for child care employees working four days per week;
- around $402 for hairdressers working four days per week;
- around $250 for hospitality workers working two days per week;
- around $451 for midwifery and nursing professionals working two days per week; and
- around $362 for receptionists working three days per week.
Further information released today shows the 20 occupations which benefit most from our Low Income Superannuation Contribution and updated state and territory breakdowns of the number of people who will benefit from our super reforms and the increase in the pool of super savings.
The Gillard Government is boosting the superannuation savings of hard-working Australians by:
- Gradually increasing the SG rate from 9 to 12 per cent from 1 July 2013 to 1 July 2019. This reform will boost the retirement savings of around 8.4 million employees, and means a 30 year old on average full-time wages who retires at age 67 will retire with around an extra $127,000 in superannuation savings.
- Removing tax paid on superannuation contributions for people earning up to $37,000 from 1 July 2012. This is providing 3.6 million workers, including 2.1 million women, with a tax cut on their superannuation of up to $500 a year.
Labor's superannuation reforms will boost our national pool of superannuation savings by more than $500 billion by 2037.
Australians can find out how much they will benefit from our super reforms by entering some basic details into the online Super Calculator at the MoreSuper website.
In stark contrast to Labor's plans to increase superannuation, Mr Abbott has broken his promise to Australian employees not to touch their super and instead is proposing to cut Australians' superannuation savings.
It is a matter of record that the Coalition has voted against every increase in universal superannuation since it was created by Labor.
Mr Abbott has described superannuation as a "con-job" and a "confidence trick", and as recently as last year said:
"We have always as a Coalition been against compulsory superannuation increases." (Press conference – 23 March 2012)
Mr Abbott has also confirmed he will increase tax on super for 3.6 million Australians earning up to $37,000 – including 2.1 million women – by scrapping the Low Income Superannuation Contribution.
Labor is the party of superannuation – we created it and we're the only party interested in growing the retirement savings of hard-working Australians.
Attachment A: Benefits of Superannuation Guarantee (SG) increase by occupation
Increase in superannuation savings from the SG increase for a 30 year old employee who earns average full-time wages for that occupation and retires at age 67.
| Occupation | Average full-time wages (per year) | Increase in super savings for a 30 year old who retires at age 67 |
|---|---|---|
| Accountants, auditors and company secretaries | $73,344 | $129,000 |
| Accounting clerks and bookkeepers | $58,880 | $104,000 |
| Agricultural, medical and science technicians | $56,012 | $99,000 |
| Animal attendants and trainers, and shearers | $41,704 | $74,000 |
| Architects, designers, planners and surveyors | $74,524 | $131,000 |
| Arts professionals | $88,632 | $156,000 |
| Automobile, bus and rail drivers | $69,752 | $123,000 |
| Automotive electricians and mechanics | $51,877 | $92,000 |
| Bricklayers, and carpenters and joiners | $56,727 | $100,000 |
| Business and systems analysts, and programmers | $96,558 | $170,000 |
| Call or contact centre information clerks | $53,509 | $94,000 |
| Checkout operators and office cashiers | $41,756 | $74,000 |
| Child carers | $42,309 | $75,000 |
| Cleaners and laundry workers | $42,324 | $75,000 |
| Clerical and office support workers | $52,414 | $92,000 |
| Construction and mining labourers | $70,158 | $124,000 |
| Contract, program and project administrators | $75,920 | $134,000 |
| Database and systems administrators, and ICT security specialists | $79,118 | $140,000 |
| Delivery drivers | $45,306 | $80,000 |
| Education aides | $47,784 | $84,000 |
| Electricians | $70,450 | $124,000 |
| Electronics and telecommunications trades workers | $67,499 | $119,000 |
| Engineering professionals | $101,249 | $179,000 |
| Fabrication engineering trades workers | $69,024 | $122,000 |
| Farm, forestry and garden workers | $45,849 | $81,000 |
| Financial and insurance clerks | $58,483 | $103,000 |
| Financial brokers and dealers, and investment advisers | $105,923 | $187,000 |
| Floor finishers and painting trades workers | $48,875 | $86,000 |
| Food preparation assistants | $43,607 | $77,000 |
| Food process workers | $46,887 | $83,000 |
| Food trades workers | $48,488 | $86,000 |
| Freight handlers and shelf fillers | $46,543 | $82,000 |
| General clerks | $53,838 | $95,000 |
| Hairdressers | $37,199 | $66,000 |
| Health and welfare support workers | $61,789 | $109,000 |
| Health diagnostic and promotion professionals | $86,130 | $152,000 |
| Health therapy professionals | $81,671 | $144,000 |
| Horticultural trades workers | $49,317 | $87,000 |
| Hospitality workers | $46,282 | $82,000 |
| Human resource and training professionals | $73,402 | $130,000 |
| ICT and telecommunications technicians | $72,453 | $128,000 |
| ICT network and support professionals | $83,408 | $147,000 |
| Information and organisation professionals | $88,038 | $155,000 |
| Insurance agents and sales representatives | $67,577 | $119,000 |
| Keyboard operators | $50,913 | $90,000 |
| Legal professionals | $83,804 | $148,000 |
| Logistics clerks | $61,023 | $108,000 |
| Machine operators | $48,138 | $85,000 |
| Mechanical engineering trades workers | $83,293 | $147,000 |
| Media professionals | $88,600 | $156,000 |
| Medical practitioners | $136,901 | $242,000 |
| Midwifery and nursing professionals | $83,585 | $147,000 |
| Miscellaneous clerical and administrative workers | $62,618 | $110,000 |
| Miscellaneous education professionals | $90,557 | $160,000 |
| Miscellaneous factory process workers | $44,082 | $78,000 |
| Miscellaneous labourers | $51,642 | $91,000 |
| Miscellaneous sales support workers | $59,203 | $104,000 |
| Miscellaneous technicians and trades workers | $96,136 | $170,000 |
| Mobile plant operators | $60,392 | $107,000 |
| Natural and physical science professionals | $85,718 | $151,000 |
| Office and practice managers | $67,395 | $119,000 |
| Packers and product assemblers | $47,387 | $84,000 |
| Panelbeaters, and vehicle body builders, trimmers and painters | $51,556 | $91,000 |
| Personal assistants and secretaries | $58,103 | $103,000 |
| Personal carers and assistants | $51,971 | $92,000 |
| Personal service and travel workers | $65,398 | $115,000 |
| Printing trades workers | $52,697 | $93,000 |
| Prison and security officers | $62,191 | $110,000 |
| Real estate sales agents | $51,724 | $91,000 |
| Receptionists | $44,697 | $79,000 |
| Sales assistants and salespersons | $47,977 | $85,000 |
| Sales, marketing and public relations professionals | $81,538 | $144,000 |
| School teachers | $79,142 | $140,000 |
| Social and welfare professionals | $69,658 | $123,000 |
| Sports and fitness workers | $69,939 | $123,000 |
| Stationary plant operators | $86,359 | $152,000 |
| Storepersons | $48,123 | $85,000 |
| Tertiary education teachers | $96,646 | $171,000 |
| Truck drivers | $56,862 | $100,000 |
Attachment B: Benefits of the low income superannuation contribution for part-time workers by occupation
Tax cut provided by the Low Income Superannuation Contribution in respect of SG contributions made in 2012-13, for part-time employees earning average wages for that occupation.
Occupation |
Number of days worked per week |
|||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| Accountants, auditors and company secretaries | $198 | $396 | $0 | $0 |
| Accounting clerks and bookkeepers | $159 | $318 | $477 | $0 |
| Agricultural, medical and science technicians | $151 | $302 | $454 | $0 |
| Animal attendants and trainers, and shearers | $113 | $225 | $338 | $450 |
| Architects, designers, planners and surveyors | $201 | $402 | $0 | $0 |
| Arts professionals | $239 | $479 | $0 | $0 |
| Automobile, bus and rail drivers | $188 | $377 | $0 | $0 |
| Automotive electricians and mechanics | $140 | $280 | $420 | $0 |
| Bricklayers, and carpenters and joiners | $153 | $306 | $459 | $0 |
| Business and systems analysts, and programmers | $261 | $0 | $0 | $0 |
| Call or contact centre information clerks | $144 | $289 | $433 | $0 |
| Checkout operators and office cashiers | $113 | $225 | $338 | $451 |
| Child carers | $114 | $228 | $343 | $457 |
| Cleaners and laundry workers | $114 | $229 | $343 | $457 |
| Clerical and office support workers | $142 | $283 | $425 | $0 |
| Construction and mining labourers | $189 | $379 | $0 | $0 |
| Contract, program and project administrators | $205 | $410 | $0 | $0 |
| Database and systems administrators, and ICT security specialists | $214 | $427 | $0 | $0 |
| Delivery drivers | $122 | $245 | $367 | $489 |
| Education aides | $129 | $258 | $387 | $0 |
| Electricians | $190 | $380 | $0 | $0 |
| Electronics and telecommunications trades workers | $182 | $364 | $0 | $0 |
| Engineering professionals | $273 | $0 | $0 | $0 |
| Fabrication engineering trades workers | $186 | $373 | $0 | $0 |
| Farm, forestry and garden workers | $124 | $248 | $371 | $495 |
| Financial and insurance clerks | $158 | $316 | $474 | $0 |
| Financial brokers and dealers, and investment advisers | $286 | $0 | $0 | $0 |
| Floor finishers and painting trades workers | $132 | $264 | $396 | $0 |
| Food preparation assistants | $118 | $235 | $353 | $471 |
| Food process workers | $127 | $253 | $380 | $0 |
| Food trades workers | $131 | $262 | $393 | $0 |
| Freight handlers and shelf fillers | $126 | $251 | $377 | $0 |
| General clerks | $145 | $291 | $436 | $0 |
| Hairdressers | $100 | $201 | $301 | $402 |
| Health and welfare support workers | $167 | $334 | $0 | $0 |
| Health diagnostic and promotion professionals | $233 | $465 | $0 | $0 |
| Health therapy professionals | $221 | $441 | $0 | $0 |
| Horticultural trades workers | $133 | $266 | $399 | $0 |
| Hospitality workers | $125 | $250 | $375 | $0 |
| Human resource and training professionals | $198 | $396 | $0 | $0 |
| ICT and telecommunications technicians | $196 | $391 | $0 | $0 |
| ICT network and support professionals | $225 | $450 | $0 | $0 |
| Information and organisation professionals | $238 | $475 | $0 | $0 |
| Insurance agents and sales representatives | $182 | $365 | $0 | $0 |
| Keyboard operators | $137 | $275 | $412 | $0 |
| Legal professionals | $226 | $453 | $0 | $0 |
| Logistics clerks | $165 | $330 | $494 | $0 |
| Machine operators | $130 | $260 | $390 | $0 |
| Mechanical engineering trades workers | $225 | $450 | $0 | $0 |
| Media professionals | $239 | $478 | $0 | $0 |
| Medical practitioners | $370 | $0 | $0 | $0 |
| Midwifery and nursing professionals | $226 | $451 | $0 | $0 |
| Miscellaneous clerical and administrative workers | $169 | $338 | $0 | $0 |
| Miscellaneous education professionals | $245 | $489 | $0 | $0 |
| Miscellaneous factory process workers | $119 | $238 | $357 | $476 |
| Miscellaneous labourers | $139 | $279 | $418 | $0 |
| Miscellaneous sales support workers | $160 | $320 | $480 | $0 |
| Miscellaneous technicians and trades workers | $260 | $0 | $0 | $0 |
| Mobile plant operators | $163 | $326 | $489 | $0 |
| Natural and physical science professionals | $231 | $463 | $0 | $0 |
| Office and practice managers | $182 | $364 | $0 | $0 |
| Packers and product assemblers | $128 | $256 | $384 | $0 |
| Panelbeaters, and vehicle body builders, trimmers and painters | $139 | $278 | $418 | $0 |
| Personal assistants and secretaries | $157 | $314 | $471 | $0 |
| Personal carers and assistants | $140 | $281 | $421 | $0 |
| Personal service and travel workers | $177 | $353 | $0 | $0 |
| Printing trades workers | $142 | $285 | $427 | $0 |
| Prison and security officers | $168 | $336 | $0 | $0 |
| Real estate sales agents | $140 | $279 | $419 | $0 |
| Receptionists | $121 | $241 | $362 | $483 |
| Sales assistants and salespersons | $130 | $259 | $389 | $0 |
| Sales, marketing and public relations professionals | $220 | $440 | $0 | $0 |
| School teachers | $214 | $427 | $0 | $0 |
| Social and welfare professionals | $188 | $376 | $0 | $0 |
| Sports and fitness workers | $189 | $378 | $0 | $0 |
| Stationary plant operators | $233 | $466 | $0 | $0 |
| Storepersons | $130 | $260 | $390 | $0 |
| Tertiary education teachers | $261 | $0 | $0 | $0 |
| Truck drivers | $154 | $307 | $461 | $0 |
Attachment C: Occupations which benefit most from the Low Income Superannuation Contribution
The 20 occupations which have the largest number of workers benefitting from the Low Income Superannuation Contribution.
| Occupation | Number of people estimated to benefit | Percentage of workforce |
|---|---|---|
| 1. Sales assistants and salespersons | 218,900 | 45% |
| 2. Checkout operators and office cashiers | 146,000 | 53% |
| 3. Food preparation assistants | 93,500 | 57% |
| 4. Hospitality workers | 89,700 | 35% |
| 5. Cleaners and laundry workers | 83,200 | 35% |
| 6. Receptionists | 57,700 | 32% |
| 7. General clerks | 46,700 | 17% |
| 8. Miscellaneous labourers | 42,900 | 28% |
| 9. Packers and product assemblers | 41,700 | 33% |
| 10. Food trades workers | 40,400 | 35% |
| 11. Child carers | 37,000 | 36% |
| 12. Freight handlers and shelf fillers | 33,000 | 37% |
| 13. Personal carers and assistants | 29,500 | 12% |
| 14. Electricians | 25,600 | 27% |
| 15. Farm, forestry and garden workers | 25,300 | 45% |
| 16. Bricklayers, and carpenters and joiners | 25,100 | 35% |
| 17. Food process workers | 24,100 | 29% |
| 18. Accounting clerks and bookkeepers | 22,000 | 11% |
| 19. Automotive electricians and mechanics | 20,300 | 21% |
| 20. Storepersons | 18,600 | 18% |
Attachment D: Updated State and Territory breakdowns of benefits of superannuation reforms
Updated state and territory breakdowns of the number of people who will benefit from the SG increase and the Low Income Superannuation Contribution, and the increase in the pool of superannuation savings from the SG increase by 2037.
Area |
Number of people estimated to benefit |
Increase in super savings by 2037 from SG increase |
|
|---|---|---|---|
| SG increase | Low Income Superannuation Contribution | ||
| New South Wales | 2,561,000 | 994,000 | $162 billion |
| Victoria | 2,036,000 | 849,000 | $124 billion |
| Queensland | 1,580,000 | 727,000 | $126 billion |
| Western Australia | 838,000 | 334,000 | $73 billion |
| South Australia | 521,000 | 245,000 | $32 billion |
| Tasmania | 178,000 | 87,000 | $8 billion |
| ACT | 145,000 | 47,000 | $11 billion |
| Northern Territory | 84,000 | 33,000 | $8 billion |
| Unable to allocate | 457,000 | 284,000 | – |
| Australia | 8.4 million | 3.6 million | More than $500 billion |