Understandably, given we are in a crisis, the government has baulked at including superannuation contributions in the A$140 billion worth of $1,500 per fortnight wage top-ups it will be directing to six million Australians.
It will be up to the employer if they want to pay superannuation on any additional wage paid because of the JobKeeper Payment.
- ^ superannuation contributions (treasury.gov.au)
- ^ fact sheet (treasury.gov.au)
- ^ Source: Australian Tax Office (www.ato.gov.au)
- ^ Retirement Income Review (treasury.gov.au)
- ^ baby boomers (en.wikipedia.org)
- ^ consumption smoothing (www.investopedia.com)
- ^ 5 questions about superannuation the government's new inquiry will need to ask (theconversation.com)
- ^ not (press-files.anu.edu.au)
- ^ Myth busted. Boosting super would cost the budget more than it saved on age pensions (theconversation.com)
- ^ Australia’s first compulsory Ponzi scheme (overland.org.au)
Authors: Warwick Smith, Research economist, University of Melbourne