New analysis shows superannuation reform benefits for Central Victorian workers

Labor Candidate for Bendigo, Lisa Chesters, today welcomed the release of analysis showing the gains for workers across each industry from the Federal Labor Government’s superannuation reforms.

Ms Chesters said that 8.4 million hard-working Australians will benefit from the gradual increase in the Superannuation Guarantee rate from 9 to 12 per cent, including thousands of employees in the Bendigo area.

“The new analysis shows the increase in retirement savings through the gradual rise in the Superannuation Guarantee rate for employees earning average wages in over 70 occupations.”

For example, the increase in super savings for a 30 year old employee who retires at age 67 and earns average full-time wages for their occupation is around:

• $75,000 for child care employees;
• $124,000 for construction and mining labourers;
• $124,000 for electricians;
• $66,000 for hairdressers;
• $82,000 for hospitality workers; and
• $79,000 for receptionists.

Ms Chesters said that the new analysis also shows the tax cut provided by Labor's Low Income Superannuation Contribution for employees working part-time and earning average wages in over 70 occupations.

Labor’s superannuation reforms will boost our national pool of superannuation savings by more than $500 billion by 2037.

“I encourage everyone in Bendigo to use the online Super Calculator at the www.moresuper.gov.au website to find out how much they will benefit from the Federal Labor Government’s super reforms,” Ms Chesters said.

“In stark contrast to Labor’s plans to increase superannuation, Mr Abbott has broken his promise to Australian employees not to touch their super and instead is proposing to cut Australians’ superannuation savings.”

“Mr Abbott has also confirmed he will increase tax on super for 3.6 million Australians earning up to $37,000 by scrapping the Low Income Superannuation Contribution.”

"This proposal is a backwards step. If we want less Australians needing the support of the aged pension, then we need to continue to invest in superannuation, particularly for lower income earners"

“Labor is the party of superannuation – we created it and we're the only party interested in growing the retirement savings of hard-working Australians,” Ms Chesters said.