Mainstream Australians are being failed by the political class as the gap between two Australias continues to widen. This failure is exemplified by a superannuation system that siphons money to the financial sector and political class and actively prevents mainstream Australians from achieving the Australian way of life.
The legislated increase of forced super contributions from the current rate of 9.5% to 12% of wages will in many cases work against the financial interests of Australians, both now and in retirement. Forced super contributions come directly at the expense of savings outside of super that can be put towards a house deposit or used to reduce debt. Increasing the compulsory rate will only put the aspiration of homeownership and financial security further out of reach of an increasing proportion of the population.