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PM Using Weasel Words On 12pc Super Promise (Read 497 times)
whiteknight
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PM Using Weasel Words On 12pc Super Promise
Jul 23rd, 2019 at 4:40am
 
PM using 'weasel words' on 12pc super promise: Labor   Sad

Jul 22, 2019  Financial Review

Prime Minister Scott Morrison has declined to guarantee compulsory superannuation  contributions will rise to 12 per cent of gross wages as legislated, after a handful of Liberal backbenchers ramped up their campaign to halt the scheduled rise.   Sad

Pressed by Labor to promise the rise from 9.5 per cent to 12 per cent would go ahead between 2021 and 2025, Mr Morrison appeared to give the government flexibility, saying: "There is no change to the government's policy."

Jim Chalmers has accused the Prime Minister of using weasel words over the superannuation guarantee.   Sad



"Scott Morrison refused twice today to guarantee the government won’t cave in to pressure from backbenchers and cut workers’ retirement incomes," he said.

The Productivity Commission recommended a review of retirement incomes before the scheduled rise to 12 per cent.


The government is keen on the idea, although it has not formally announced a review.

An even more immediate goal is to secure passage through the Senate of changes to default insurance in superannuation.

A bill being examined by the Senate economics legislation committee will prevent super funds automatically charging death and disability insurance premiums if a member is younger than 25 or has a balance of $6000 or less. Members who fall into these categories will need to "opt in" to coverage.

In a written submission to the Senate committee, AustralianSuper says the legislation has "gone too far" by proposing the removal of automatic insurance for "active" accounts with balances of less than $6000.

"The Productivity Commission recommended insurance not be provided for under-25s and inactive accounts, but it made no such recommendation in relation to active accounts under $6000," the submission says.

Construction industry fund Cbus says it has about 200,000 members who will be affected by the changes.

"Around a third of members affected would be unable to opt in to group cover in the future due to pre-existing conditions and issues identified in the underwriting process, leaving tens of thousands of workers in hazardous industries either without cover or only provided limited cover," the fund's submission says.

Labor is demanding the government rethink its refusal to allow the Senate committee to hold a public hearing.
'Insurance underclass'

Super Consumers Australia, which works with consumer advocacy group Choice, supports the bill because, for people under 25, "insurance in super is often a junk product".

Any carve-outs, such as for dangerous occupations, should be granted only if a fund could provide "robust evidence" of risks to members, the group said.



Damien Mu, the chief executive of insurance company AIA, said the bill would create an "insurance underclass" of workers who would find it hard to get coverage.

"This impacts millions of people, with the data in the AIA submission showing the most at-risk people being those living in rural and regional areas, young people with mental illnesses and workers in high-risk occupations," he said.

Actuarial firm Rice Warner agrees there should be a carve-out for active low-balance accounts.

"A significant portion will be under-25s," Rice Warner's submission says.

"These members are typically making lower contributions at this stage, due to lower salaries and intermittent working patterns, and due to their young age will have not yet had time to accumulate a material account balance."

The Australian Prudential Regulation Authority has urged the government to allow a 12-month implementation period because the October 1 deadline would "pose significant challenges for industry".
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Bam
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #1 - Jul 23rd, 2019 at 12:49pm
 
Quote:
Pressed by Labor to promise the rise from 9.5 per cent to 12 per cent would go ahead between 2021 and 2025, Mr Morrison appeared to give the government flexibility, saying: "There is no change to the government's policy."


Here is a list of all the occasions where the compulsory superannuation contribution was increased under a Coalition government:
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juliar
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #2 - Jul 23rd, 2019 at 1:33pm
 
Gosh the union propaganda parrot BlackDay is switching to GetUp! propaganda today.

If someone wants to increase their super all they have to do is ask.
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whiteknight
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #3 - Jul 23rd, 2019 at 2:35pm
 
Prime Minister Scott Morrison has declined to guarantee compulsory superannuation  contributions will rise to 12 per cent of gross wages as legislated, after a handful of Liberal backbenchers ramped up their campaign to halt the scheduled rise.    Sad
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juliar
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #4 - Jul 23rd, 2019 at 2:38pm
 
The reclusive inarticulate union propaganda parrot BlackDay can't string 2 words together so he just parrots stuff without having a clue what it means. Classic Lefty doing what GetUp! tells him to say and think.
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whiteknight
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #5 - Jul 23rd, 2019 at 3:18pm
 
Juliar from the evil empire is using weasel words as well.   Cheesy
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juliar
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #6 - Jul 23rd, 2019 at 3:28pm
 
The reclusive inarticulate union propaganda parrot BlackDay shows just how out of his depth he is when it comes to actual discussion. 

All he knows is how to parrot union and GetUp! silly propaganda lies.
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #7 - Jul 23rd, 2019 at 3:29pm
 
whiteknight wrote on Jul 23rd, 2019 at 3:18pm:
Juliar from the evil empire is using weasel words as well.   Cheesy


'Weasel Words' are something you'd understand.......being a weasel yourself..... Grin
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whiteknight
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #8 - Jul 23rd, 2019 at 3:36pm
 
So Mr Fuzzball when are people getting the 12 percent super?.  Is that another one on the never, never?.   Sad 
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juliar
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #9 - Jul 23rd, 2019 at 3:37pm
 
Geez the Lefties are showing they don't have a clue about the topic.  And the old BlackDay would not know what day it is.
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #10 - Jul 23rd, 2019 at 8:19pm
 
Quote:
"Scott Morrison refused twice today to guarantee the government won’t cave in to pressure from backbenchers and cut workers’ retirement incomes," he said.


Then the same Liberals will cry about the increasing pension bill and want to raise the retirement age again.

They have a long history of causing the problems that they don't want to fix.
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #11 - Jul 23rd, 2019 at 8:20pm
 
Fuzzball wrote on Jul 23rd, 2019 at 3:29pm:
whiteknight wrote on Jul 23rd, 2019 at 3:18pm:
Juliar from the evil empire is using weasel words as well.   Cheesy


'Weasel Words' are something you'd understand.......being a weasel yourself..... Grin


At least you are qualified to make the assessment.
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juliar
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #12 - Jul 23rd, 2019 at 8:50pm
 
But anyone can increase their super if they want to by just asking. But they can't reduce it.
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #13 - Jul 24th, 2019 at 4:31am
 
Speaking in tongues is part of his religion....   Cool
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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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whiteknight
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Re: PM Using Weasel Words On 12pc Super Promise
Reply #14 - Jul 24th, 2019 at 5:39am
 

Cormann commits to super guarantee increase timetable
23 July 2019
ACTU

     Cormann commits to super guarantee increase timetable

superannuation guarantee superannuation gender pay gap ACTU ACTU Assistant Secretary Scott Connolly industry super funds Minister Mathias Cormann Senate Government Morrison Government

The ACTU welcomes the commitment from Finance Minister Mathias Cormann that the Morrison Government will not delay the established timetable for increasing the superannuation guarantee to 12 per cent by 2025/26.

In senate question time yesterday, Minister Cormann responded to a question from Senator Gallagher; “Minister, can you rule out any changes to the timetable for the legislated increases to the superannuation guarantee as they are contained in the Superannuation Guarantee (Administration) Act 1992?”

To which Minister Cormann replied “Yes.”

For an individual earning $60,000 per year, the increase will mean an increase in retirement savings from $299,000 to $368,000, and a corresponding increase in retirement income from $38,900 per year to $40,950 per year.

Increasing the super guarantee is essential to ensuring a comfortable and secure retirement for generations of Australians. Our super system is the envy of the world, but we must ensure that it stays fit for purpose.

Other reforms are urgently needed, Including eliminating super theft, abolishing the $450 per week threshold for contributions and closing the gender gap on super.

Quotes attributable to ACTU Assistant Secretary Scott Connolly:

“The work of making sure all Australians have a secure and comfortable retirement is ongoing. Continuing the legislated super guarantee timetable is essential for adequacy in retirement.

“The continued freeze on the increase of the guarantee has exacerbated the gender gap on super which currently stands at 47 per cent at retirement and has caused more women to retire in poverty.

“The current rate was frozen five years ago and we welcome Minister Cormanns’ commitment to the established timetable, which will see increased contributions from 2021/2022.

“Increasing the superannuation guarantee will mean thousands of dollars more in retirement income for someone on the median wage, this is a real difference in quality of life.

“We urge the government to act immediately on other reforms to the super system, including eliminating super theft, abolishing the $450 per month threshold for super contributions and closing the massive gender gap on super balances by ensuring that super is paid on every dollar earnt.
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