Scott Mathew

Superannuation does not come from nowhere. Australia’s compulsory Super Guarantee is now 12%. That is part of the cost of employing labour and therefore part of the cost of producing goods and services in Australia. If an employee earns $100,000 and another $12,000 must be contributed to super, that $12,000 is a real labour cost to the business. Ultimately businesses have to recover their total costs through productivity, margins and the prices customers pay. There is no magical pot of money. So Senator Hanson is raising a legitimate question about compulsory super: would you rather have greater control over your own money, or have government decide that part of your remuneration must be locked away for decades? Who understands your circumstances better, you, or the government? Who knows whether paying down your mortgage, buying your first home, investing in your business, reducing debt or saving for retirement is the best decision for your family? You, or the government? People should absolutely be encouraged to save and invest for retirement. But encouragement and compulsion are two very different principles. Personal responsibility means accepting the consequences of your decisions but it also means being trusted to make them. It’s your labour. It’s your remuneration. It’s your retirement. It’s your life. Why shouldn’t you have more control over it?