Tony Abbott, with help from the Palmer United Party, has further attacked superannuation and the retirement savings of working Australians.
Labor previously moved to incrementally raise compulsory superannuation contributions from 9% in 2011 to 12% in 2019, which would mean millions more Australians would have enough money for their retirement. Tony Abbott and the Liberal government have previously delayed these increases for four years (till 2022) and now they have delayed them again, till 2026.
These changes mean a 25 year old ‘average income earner’ would lose about $100,000 in super contributions across their lifetime, and industry estimates say there could be as much as $128 billion less in superannuation owned by Australians by 2026.
There is also a real worry that Tony Abbott, who has previously said he and the Liberals are entirely opposed to compulsory superannuation increases, will simply just delay the increases again and deliver another blow to the retirement savings of everyday Australians.
Sign the petition to tell Clive Palmer and Tony Abbott to stop the attacks on superannuation