More Superannuation for local workers – Building on the work of Bankstown Boy Paul Keating

This week the Labor Government introduced legislation to massively increase the superannuation of Australian workers.

“This is great news. It means every local worker will now all have thousands of dollars more in their pocket when they retire,” Mr Clare said.

“The increase builds on the work of Bankstown Boy Paul Keating.”

“Paul Keating introduced universal superannuation 20 years ago. It proved to be one of the most important economic reforms of the last century.”

This increase means:

  • A 20 year old worker on $50,000 a year will have an extra $200,000 when they retire; and
  • A 30 year old on $50,000 a year will have an extra $108,000 when they retire.

“It is especially important given the ageing of our population – more people are going to need more money to retire on and this will help.”

“If the Liberals are elected at the next election they will cut this. That means 8.4 million Australians will be hundreds of thousands of dollars worse off,” Mr Clare said.

Media contact: Chris Zogopoulos 9790 2466

Issued: 2 November 2011