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Senator proposes voluntary super for low-income earners

Article image for Senator proposes voluntary super for low-income earners

Liberal Senator Andrew Bragg has used his maiden speech to suggest superannuation be voluntary for low-income earners.

The New South Wales senator believes compulsory superannuation contributions are making it harder for those earning less than $50,000 a year to own a home.

He argued the change would benefit the Federal Government because Australians would be taxed at a higher rate on the money they kept, compared to the lower superannuation rate.

Director for Household Finances at the Grattan Institute Brendan Coates tells John Stanley the government needs to be “very careful” when making changes to compulsory super.

“It has boosted retirement income for Australians.

“Compulsory super is doing its job…. Senator Braggs’ proposal is not to say that we abolish super, but is to say if you want to take it out for another purpose you can.

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JOHN STANLEY
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