Gerard Noonan explains why Australia’s superannuation scheme is a shining beacon amongst the world’s retirement schemes.
Australia’s super scheme is unlike any other in the world. Anticipating our ageing population and an unsustainable increase in pension payments, the Keating government introduced a scheme which required financial contributions from workers and employers. With generous tax concessions and 25 years under its belt, super funds are now worth over $1.4 trillion. Australians now have more money invested in managed funds per capita than any other economy.
That doesn’t mean there hasn’t been criticism. With the GFC still biting shares and Europe’s woes likely to contribute to a weakening market, many changes have been mooted by various quarters. Some are calling for more investment in local infrastructure while others are questioning whether there is an overinvestment in the sharemarket.
Gerard Noonan tells 3Q the reasons why super is well worth the investment.
Read Essential's ongoing research on the public response to Covid-19.
In this week's report:
- Federal government response to Covid-19
- State government response to Covid-19
- Views towards reopening international borders
- Views towards state border closures
- Comprehension and confidence in PM’s plan to ‘safely reopen’ Australia
- Uptake of a Covid-19 vaccine
- Necessity of mandatory vaccinations in specific situations
- Views towards easing restrictions for fully vaccinated people