Voluntary Superannuation
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People First will advocate that contributions to superannuation is voluntary, and instead allow workers to take their superannuation as wages. This would put money back into the hands of hard-working Australians and allow them to decide how best to secure their future.
Superannuation is not working. After 30 years of superannuation, over half of retirees are still on a full pension which is the same as it was in 1992 when superannuation started.
The cost of the pension is $53 billion, yet superannuation tax concessions cost almost $50 billion and most of these concessions go to the highest 20% of income earners. It is clear that superannuation is not reducing the cost of the pension at all.
Furthermore, 40% of people today retire with a mortgage which is up from 10% in 1992, which is a good example of how superannuation is making it harder for people to own their own homes.
People should be able to control the way in which they manage their finances. They should be able to save for a home, or pay off their mortgage or HECS with their savings rather than be forced to put it into superannuation.
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