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Lost super impacting one in two working Australians
Nick sherry
One in two working Australians have a ‘lost’ superannuation account, according to the Federal Opposition spokesman on superannuation, Senator Nick Sherry.
Sherry claimed lost superannuation had blown out from $8.2 billion in 2004-05 to be $9.7 billion in 2005-06 — a $1.5 billion increase in one year.
He said this represented a massive hole in the superannuation system and one that was growing rapidly every year.
Sherry claimed the Government needed to do more to fix the problem because, year after year, it launched new programs aimed at fixing the problem only to find such initiatives had failed to work.
He said the current system of rolling together superannuation accounts was too complex and costly because it involved finding the fund, filling in forms, gaining advice and providing necessary identification.
Sherry claimed the Opposition’s policy prescription of using tax file numbers to automatically roll together accounts represented a much easier answer to reuniting Australians with their lost superannuation.
AUTHOR
Mike Taylor
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