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Introduction
Prior to the introduction of the "Superannuation Guarantee" in 1992 by the Keating Labor government, reasonably widespread superannuation arrangements had been in place for many years under industrial awards negotiated by the union movement between 1986 and 1988 with support from the federal government as part of a "wage-tax trade off", allowing a non-inflationary means of wage increases.
The compulsory "Superannuation Guarantee" system was introduced as part of a major reform package addressing Australia's retirement income policies. It was anticipated that Australia, along with many other Western nations, would experience a major demographic shift in the coming decades, resulting in the anticipated increase in age pension payments placing an unaffordable strain on the Australian economy. The proposed solution was a "three pillars" approach to retirement income:
* A safety net consisting of a means-tested Government age pension system
* Private savings generated through compulsory contributions to superannuation
* Voluntary savings through superannuation and other investments
Since its introduction, employers have been required to make compulsory contributions to superannuation on behalf of most of their employees. This contribution was originally set at 3% of the employees' income, and has been incrementally increased by the Australian government. Since 1 July 2002, the minimum contribution has been set at 9% of an employee's ordinary time earnings. The 9% is thus not payable on overtime rates but is payable on remuneration items such as bonuses, commissions, shift loading and casual loadings.
Though there is general widespread support for compulsory superannuation today, it was met with strong resistance by small business groups at the time of its introduction who were fearful of the burden associated with its implementation and its ongoing costs. [1]
The Howard government has been criticised for its reluctance to increase the compulsory rate of superannuation. Had the compulsory rate been 15% since 1996, rather than the current 9%, total superannuation assets in Australia would be approaching $2 trillion - almost double the current level. [2]
After over a decade of compulsory contributions, Australian workers have over $1.177 trillion[3] in superannuation assets. Australians now have more money invested in managed funds per capita than any other economy[4].
Compulsory superannuation in combination with buoyant economic growth has turned Australia into a 'shareholder society', where most workers are now indirect investors in the stock market. Consequently, a lively personal investment marketplace has developed, and many Australians take an interest in investment topics.
Originally posted by Andrew E. Wiggin
no way you can back track now
Originally posted by Andrew E. Wiggin
It's a common practice to attack the poster rather than the topic at hand
you are telling a lie
Originally posted by Andrew E. Wiggin
Maybe you can answer the questions then?
Originally posted by Andrew E. Wiggin
Do you even know what a 401k is?
Originally posted by Andrew E. Wiggin
do we really need federal governmen to tell us how to drive
to wear a seatbelt
Originally posted by Andrew E. Wiggin
do we need the government to tell us how labor laws are going to go?
Originally posted by Andrew E. Wiggin
so... is it safe to assume you're for McCain?
Originally posted by Andrew E. Wiggin
You support McCain huh?
Originally posted by coven
No my friend... Political baiting is showing your political opinion to try and change the views of others on this board. Baiting itself is using falsified information, or undocumented information (I believe this is the 10th thread you have been asked to cite links on yet you continue to refuse to.)
P.s. Whiny Liberals like me and Jesus are the reason you have a right to stand up and say anything negative about leadership. You should really look into the term liberal before you try and use it as a form of slander.
Liberals are only out to screw people like you who think that we're the bad guys, because we comprehend equality.
If it takes my membership to get the friggin mods and owners to jump on your threads(AND DO THEIR FRIGGIN JOBS!!!!)... So Be it...
Originally posted by jamie83
Originally posted by SavageHenry
Which is good...because we need a massive government overhaul anyway...
And a 12 year University of Chicago Constitutional LAW professor might just be the Carpenter we need to reframe that ....as Bushie calls it "A Goddamn Piece of Paper"...
We need a Constitutional work party...
I'm all for a Constitutional work party.... Maybe a U. of Chicago professor is what we need after all. Just as long as it's not a HARVARD professor...
Sorry. YOU have nothing to do with giving me or anybody else rights.