Super chief reveals the two biggest concerns Aussies have about super
AustralianSuper chief Ian Silk says that the two most commonly raised concerns fund members have is how much super they need and how to keep the government’s hands off it.
Speaking to the House economics committee, Mr Silk also said that workers are ‘hot to trot’ for a raise to compulsory super contributions and that Treasurer Josh Frydenberg’s warning about the ageing population ‘economic timebomb’ was cause enough to increase compulsory super contributions.
“We don’t have members turn up to … briefings and say, ‘we don’t want any more super’,” said Mr Silk.
“The reverse is the case. They are very hot to trot on the issue. They’re telling me in loud and clear terms they want 12 per cent.”
Liberal MP Craig Kelly then asked Mr Silk what he thought about allowing low-income earners to use super for a house deposit.
“I understand that, because who among us would confirm future consumption over current consumption?” said Mr Silk.
“Particularly if you’re a modest income-earner and wages growth is pretty modest.
“But I would say this … that’s the sort of argument that was run in 1992, when the super guarantee was introduced, and the view taken then was it is important to take a long-term view.”
What’s your biggest concern about super?
That it will no longer be a tax advantaged investment vehicle.