PAUL KEATING JIM CHALMERS BILL KELTY SALLY MCMANUS
JOINT STATEMENT TO MARK
THE 30TH ANNIVERSARY
OF AUSTRALIA’S SUPERANNUATION SYSTEM
Today marks the 30th anniversary of one of Australia’s greatest assets and one of Labor and the union movement's proudest legacies - our nation's world-class superannuation system.
Nothing speaks more powerfully to the reform courage and foresight of the labour movement than the legacy of super and what that means for retirement incomes in this country.
The Superannuation Guarantee, enacted by the Keating Government on July 1 1992, has helped millions of Australians enjoy a secure and dignified retirement, and means most workers will now have had some form of superannuation for the majority of their working lives.
An eighteen-year-old who started working in 1992 will on average have around $182,000 in superannuation.
Over those three decades, superannuation has grown from around $148 billion to over $3.4 trillion held by around 16 million Australians, helping improve the living standards of Australia's retirees, broadening and deepening Australia’s capital markets and contributing to the growth of the Australian economy.
This was a transformational moment for Australia and for future generations of Australian workers, breaking the back of the balance of payments, turning Australia into a net capital exporter, and reducing the cost of capital for businesses.
It was an enduring win for working Australians secured by working Australians, like Ian Ross and Don Russell, and advanced by Treasurers Wayne Swan and Chris Bowen.
While Labor worked with the union movement to secure this seismic win for Australian workers, the Liberal Party ardently opposed the Superannuation Guarantee legislation, describing the concept of compulsory superannuation as “absolutely abhorrent”, “bizarre” and a policy that “Australia does not need, and cannot afford”.
Their heart wasn't in it then, and it isn't in it now.
Australia’s universal workplace right to financial dignity in retirement is unique to our nation and is the envy of the world.
We must never take it for granted and always defend it.
FRIDAY, 1 JULY 2022
