Three industry bodies in the superannuation and financial services sector have issued a joint statement criticising the coalition's failure to launch a detailed superannuation policy.
The coalition's superannuation policy to date includes a consideration of the Cooper review, a call to release treasury's modelling of the Henry review and an examination of long term bonds from the Australian Office of Financial Management.
The failure to increase the superannuation guarantee (SG) to 12 per cent, the failure to raise the concessional caps for people over 50 and the failure to provide a super contribution rebate for low-income earners would have a significant adverse impact on the future wellbeing of Australians, a joint statement from the Australian Institute of Superannuation Trustees (AIST), the Financial Services Council (FSC) and the Association of Superannuation Funds of Australia (ASFA).
The average worker would have their superannuation accounts boosted by $110,000 following the increase in the SG, contributing up to half a trillion dollars to national retirement savings, the three bodies said.
"The coalition's costings document highlights bottom line savings at the expense of Australian workers' retirement benefits. Early investment in superannuation provides huge benefits for individuals and the Australian economy as a whole," ASFA chief Pauline Vamos said.
Superannuation played a central role in cushioning the economy from the worst effects of the global financial crisis, according to AIST chief executive Fiona Reynolds.
Almost 90 per cent of people supported the government's decision to increase the SG from 9 to 12 per cent, according to newspoll.
FSC chief executive John Brogden said the research commissioned by the association found that Australia faces a $695 million retirement saving shortfall.
The association heads said the issue went beyond politics and that people had right to retire with a dignified standard of living.
