Australia politics live: Victorian energy bills may rise by $100 a year under Coalition; Chalmers says One Nation would ‘destroy’ super
Australian Treasurer Jim Chalmers is warning that opposition parties' plans to allow early access to superannuation funds would undermine long-term fiscal sustainability. The government argues that a robust superannuation system is essential to reducing the national pension burden as the population ages.
Why it matters
The debate highlights the tension between immediate economic relief for citizens and the long-term stability of national retirement and social security systems.
Jim Chalmers says the Coalition and One Nation would “diminish or destroy” a compulsory super regime that this month’s intergenerational report will confirm is key to long term budget sustainability in a rapidly ageing society.
In remarks to the Super Members Council later this morning, the treasurer will condemn as “crazy” the right wing parties’ plans to give workers early access to their super savings, which he said would leave Australians poorer in retirement and weigh on the nations’ finances.
New Treasury projections show the number of retirement-age Australians will nearly double to around 9 million by 2066.
But the intergenerational report, to be released on 21 September, will show the share of older people on the aged pension is expected to fall from 66% to 52% in 40 years’ time.
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