The Centre for Future Work at the Australia Institute’s report released today reveals that employees stand to lose $100 billion in retirement savings due largely to a number of poor Government policies. 

The reportThe Consequences of Wage Suppression for Australia’s Superannuation System,  shows that wage freezes, cuts to penalty rates and enterprise agreement terminations all contribute to reduced superannuation savings.

These are all policies the Turnbull Government supports.

At a time when wages growth is at record lows, this Government wants to cut penalty rates, freeze wages for its own employees and encourage the termination of agreements, all of which contribute to reduced superannuation savings.

We are seeing too many examples of workers missing out as a result of decisions made by the Turnbull Government, which is hurting the economy, prosperity and growing inequality.

The Turnbull Government should give up its ideological and anti-union attack on industry super funds and focus on policies that maximise superannuation balances for Australians in their retirement years.

It is increasingly evident that this Government sees unions as their political enemy and a threat – and rather than focusing on improving wage growth or job security, it is obsessed with fear campaigns and ripping away the structures that support workers. 

This government is dysfunctional and divided and is only united when it is attacking workers and their unions. 

Under the Turnbull government we are headed to a low-wage, easy-to-hire, easy-to-fire society.


This is a joint media release with Brendan O'Connor MP, Labor's Shadow Minister for Employment and Workplace Relations.