Is Australia saving too much for retirement?
Australia's compulsory superannuation system is facing increased political scrutiny as the nation deals with a housing affordability crisis and cost-of-living pressures. Opposition politicians are proposing that citizens be allowed to access their retirement savings early to help with home deposits or mortgage collateral.
Why it matters
The debate challenges the long-term purpose of Australia's massive retirement savings pool against immediate economic needs.
— 2:43pm , first published 11:43am
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Share A A A When Paul Keating addressed federal parliament the day after Australia’s compulsory superannuation system was born in June 1992, the message was simple.
“For the first time … ordinary Australians will be able to build a decent nest egg for their retirement,” said the then-prime minister.
Paul Keating in 1992 Fairfax media “People now on average weekly earnings will be able to retire on an income twice the old-age pension … with the passage of the legislation last night, a decent level of superannuation provision becomes the right and expectation of every Australian employee.”
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