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Raising Super To 12 Percent Will Barely Cut It (Read 1295 times)
whiteknight
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Raising Super To 12 Percent Will Barely Cut It
Nov 14th, 2018 at 6:39am
 
Paul Keating says raising superannuation to 12 per cent will 'barely cut it'   Sad

ABC News
13 Nov 2018



Former prime minister Paul Keating has rejected a Grattan Institute report that suggested scrapping plans to raise compulsory super payments from 9.5 per cent to 12 per cent, and raising the retirement age to 70.

Mr Keating, whose government introduced compulsory superannuation contributions, said Grattan Institute chief executive John Daley had a "miserable view" of the world.

Mr Keating told 7.30 that super payments had to be raised to 12 per cent, though that would "barely cut it".   Sad

"When I introduced super 32 years ago, people retired at about 65 and they died about 83 or 85," Mr Keating said.

"In the 30 years since, people are living three to five years longer, so people now live into their late 80s and the superannuation pool isn't large enough to maintain the sort of standard of living we wish for them."


Finding the best super arrangement can be complicated. But it's an important part of you and your family's financial future — and taking steps to improve your retirement savings may be easier than you think.

The Grattan report also suggested including the family home in the Age Pension assets test where the home value is above around $500,000.

Mr Keating said Mr Daley "doesn't get it with his miserable view about having the two Australias".

"The privileged Australia where the wealthy people can have all sorts of assets but ordinary people are condemned to the pension. This is $460 a week. I mean don't whoop it up on 460 bucks a week. This is the John Daley view of the world," he said.

"Daley's recommending people work till 70, put their house in the assets test where now it isn't. In other words, you eat your house.   Sad   

"Work till 70, eat your house, and then basically find yourself at a certain point in your life where you just don't have financial assets."   Shocked

In response, Mr Daley told 7.30, "If Paul Keating actually read our report rather than repeating ASFA [Association of Superannuation Funds of Australia] talking points, he would know we don't advocate 'two Australias'".

"With 9.5 per cent compulsory contributions almost all workers will have quite a lot of retirement income from super," he said.

He said that on 9.5 per cent, "very few Australians will be on a full age pension until late in life".
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Sir Spot of Borg
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #1 - Nov 14th, 2018 at 6:42am
 
The problem with raising the super too high is ppl wont be left with enough money to live on in the now

Spot
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aquascoot
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #2 - Nov 14th, 2018 at 6:45am
 
whiteknight.

you rarely post anything without a flood of  Sad Sad Sad Sad Sad Sad Sad Sad Sad Sad.

when you get into your 80's you will have severe severe disabilities, pain, possibly dementia, possibly a fatal illness, people around you will be dropping like flies.

you need to infuse your emotional state with  Smiley Smiley Smiley Smiley Smiley Smiley Smiley Smiley Smiley now whilst you have the chance or you are going to be one very sad retiree and you are going to construct a living hell for yourself ,

and whether you have 9.5 % or 12 % is going to make very very little difference to the joy(or misery) of your final years
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Grappler Truth Teller Feller
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #3 - Nov 14th, 2018 at 7:47am
 
It most certainly won't 'cut it' as long as the excessive fees and costs are included out of the stake put in by the 'shareholder'... is there a company that says - "buy shares in us, we'll manage them for our profit and.. oh.. for yours as well... and we won't charge you any fees for running costs since that will come out of profit"?

Too many strings attached to super and too much going out in costs to old mates etc on the 'inside'.... just another form of business...

We need a reversion to the old way where taxpayer funds taken from income were set aside in a specified fund for the purpose of ensuring retirement (and other social security) funding as it fell due... we all know the 'politicians' hijacked that fund and wasted it on pet we dream schemes that benefit a few but not society (here) as a whole... a few choice 'commissions' for old mates .... a bit of whiteboarding and pork barreling...**wink, wink**

Word for today:-  whitebairding (n) - the process of determining who receives the largesse from privatising public assets (applies only to the State of NSW at present, but has infinite potential to go nation-wide under the umbrella concept that business people are victims in need of sustenance)...
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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
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Bam
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #4 - Nov 14th, 2018 at 9:24am
 
Sir Spot of Borg wrote on Nov 14th, 2018 at 6:42am:
The problem with raising the super too high is ppl wont be left with enough money to live on in the now

Spot

Increasing superannuation to 15% is affordable. The solution is to tell the wealthy company owners to buy fewer yachts.
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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.
 
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Bam
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #5 - Nov 14th, 2018 at 9:26am
 
aquascoot wrote on Nov 14th, 2018 at 6:45am:
whiteknight.

you rarely post anything without a flood of  Sad Sad Sad Sad Sad Sad Sad Sad Sad Sad.

Says the poster who rarely posts without posting a pile of horse poo. 🐎💩
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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.
 
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Laugh till you cry
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #6 - Nov 14th, 2018 at 9:36am
 
Raise superannuation.

Super fund managers and finance industry workers have obese families and they need to eat more than normal people.
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Please don't thank me. Effusive fawning and obeisance of disciples, mendicants, and foot-kissers embarrass me.
 
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #7 - Nov 14th, 2018 at 9:41am
 
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greggerypeccary
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #8 - Nov 14th, 2018 at 9:43am
 
aquascoot wrote on Nov 14th, 2018 at 6:45am:
whiteknight.

you rarely post anything without a flood of  Sad Sad Sad Sad Sad Sad Sad Sad Sad Sad.

when you get into your 80's you will have severe severe disabilities, pain, possibly dementia, possibly a fatal illness, people around you will be dropping like flies.

you need to infuse your emotional state with  Smiley Smiley Smiley Smiley Smiley Smiley Smiley Smiley Smiley now whilst you have the chance or you are going to be one very sad retiree and you are going to construct a living hell for yourself ,

and whether you have 9.5 % or 12 % is going to make very very little difference to the joy(or misery) of your final years


Once again, incredibly ignorant and out of touch with the real world.

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Bam
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #9 - Nov 14th, 2018 at 9:47am
 
Quote:
Mr Keating told 7.30 that super payments had to be raised to 12 per cent, though that would "barely cut it".

With the tax cuts the companies have received recently and the good profits they are making, it's affordable to increase it to 12% right now. Keating said something like this in his interview. It doesn't go far enough, however. Compulsory superannuation needs to be 15%.

Reforms we need:

* Compulsory superannuation at 15%.
* No minimum income for superannuation contributions. (Closing this loophole is needed.)
* Company tax at 25%.
* Remove company tax loopholes and concessions so more companies pay the full rate of tax and fewer profitable companies pay nothing. (Effective rate of company tax right now is about 22%, not 30%. Closing loopholes means the company tax burden is shared more equitably.)

To support these changes, the following state tax reforms should be considered:

* Abolish payroll tax in all states and territories. (Taxing jobs is not a good idea.)
* Replace payroll tax with state-based land taxes on commercial properties. (This encourages decentralisation.)
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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.
 
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cods
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #10 - Nov 14th, 2018 at 9:51am
 
ahhh another

GIMME GIMME !thread from the I WANT IT NOW  club....

no idea where its coming from of course.....but why worry about  that small detail its  the last thing we want to think about Roll Eyes Roll Eyes Roll Eyes

why spoil a good idea with that crap.
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aquascoot
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #11 - Nov 14th, 2018 at 9:53am
 
Bam wrote on Nov 14th, 2018 at 9:47am:
Quote:
Mr Keating told 7.30 that super payments had to be raised to 12 per cent, though that would "barely cut it".

With the tax cuts the companies have received recently and the good profits they are making, it's affordable to increase it to 12% right now. Keating said something like this in his interview. It doesn't go far enough, however. Compulsory superannuation needs to be 15%.

Reforms we need:

* Compulsory superannuation at 15%.
* No minimum income for superannuation contributions. (Closing this loophole is needed.)
* Company tax at 25%.
* Remove company tax loopholes and concessions so more companies pay the full rate of tax and fewer profitable companies pay nothing. (Effective rate of company tax right now is about 22%, not 30%. Closing loopholes means the company tax burden is shared more equitably.)

To support these changes, the following state tax reforms should be considered:

* Abolish payroll tax in all states and territories. (Taxing jobs is not a good idea.)
* Replace payroll tax with state-based land taxes on commercial properties. (This encourages decentralisation.)


if they could just get the policy right everyone could live in a utopian bliss  Roll Eyes Roll Eyes Roll Eyes
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cods
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #12 - Nov 14th, 2018 at 9:55am
 
Bam wrote on Nov 14th, 2018 at 9:47am:
Quote:
Mr Keating told 7.30 that super payments had to be raised to 12 per cent, though that would "barely cut it".

With the tax cuts the companies have received recently and the good profits they are making, it's affordable to increase it to 12% right now. Keating said something like this in his interview. It doesn't go far enough, however. Compulsory superannuation needs to be 15%.

Reforms we need:

* Compulsory superannuation at 15%.
* No minimum income for superannuation contributions. (Closing this loophole is needed.)
* Company tax at 25%.
* Remove company tax loopholes and concessions so more companies pay the full rate of tax and fewer profitable companies pay nothing. (Effective rate of company tax right now is about 22%, not 30%. Closing loopholes means the company tax burden is shared more equitably.)

To support these changes, the following state tax reforms should be considered:

* Abolish payroll tax in all states and territories. (Taxing jobs is not a good idea.)
* Replace payroll tax with state-based land taxes on commercial properties. (This encourages decentralisation.)



you do see that would be at the cost of small business EMPLOYING more people  maybe even providing full employment   

as it is   this applies to only those who are employed...... Roll Eyes Roll Eyes


how about those who are only part time employed....who can only work part time..

is anyone thinking of the changing landscape here?....to me its in a very fragile state   and looks to be getting worse......full time work may be a luxury in 20 years...
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greggerypeccary
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #13 - Nov 14th, 2018 at 9:55am
 

"* No minimum income for superannuation contributions. (Closing this loophole is needed.)"

Yes!

This needs to be done asap.

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Its time
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Re: Raising Super To 12 Percent Will Barely Cut It
Reply #14 - Nov 14th, 2018 at 9:55am
 
See if it were 15% all those years ago and left as Keating set it up the money saved on pensions would be in the billions these days
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