The Federal Government is about to face a major industry funds advertising campaign in defence of the scheduled increase in the superannuation guarantee (SG) to 10%.
Amid equivocation on the part of the Government about whether the next scheduled rise in the SG will actually occur, Industry Super Australia (ISA) has announced it will embark on a mass-media campaign.
It said the campaign was aimed at protecting members’ financial interest and warn them the government is poised to abandon or undermine the boost in the super guarantee to 12% – which could blow a six-figure hole in an average couples’ retirement savings.
“Despite making an election commitment to not interfere with the legislated super guarantee increase the government is now considering cutting it or making other adverse changes,” ISA said in a statement. “These changes could push retirees into having to sell or mortgage their home to get by.”
“The government’s proposed changes to super would leave millions of workers worse off at retirement and over their lifetime, force them to pay more tax and would add more than $33 billion to the aged pension. Cutting the rate would also put women further behind as more women than men get the super increase.”
The ISA said its mass-media campaign would launch tonight during the Seven network’s AFL broadcast and would involve real people talking about how they would have to work longer, retire with less or sell their home if the government messes with super.
The campaign will run nationally across free-to-air and on demand TV, online, radio and outdoor.
It seems all the bodies pushing for increases in SGC are the ones who don’t get left with the financial burden of funding it! This is going to be a huge strain on small business, why doesn’t the Government come up with a plan to provide employees with an incentive to entice them to contribute personally into super. Australian small businesses are already struggling, without the added burden of legislation requiring them to fund the majority of their employees retirement plans!