Australians are losing $2.6 billion annually in unpaid super and this figure is growing, according to new research published today by Cbus which highlights the stupidity of the Government's approach to superannuation.
Instead of addressing the growing problem of non-compliance of superannuation obligations, the Turnbull Government introduced legislation last Thursday which winds back the penalties for employers.
It is disappointing but not surprising that the Government is actually weakening the penalties for businesses who don't meet their obligations to their employees.
The Turnbull Government's changes will make it more likely that workers will miss out on the super they're entitled to.
It says everything about this Government's approach to superannuation that they consider the fair payment of super as "red tape" to be discarded with the commas and hyphens of the Government's Repeal Day farce.
Unlike the Government, Labor doesn’t believe that receiving fair super on time amounts to “red tape”.
Australian workers need and deserve to be paid superannuation contributions correctly and on time.