Sign up to The Sydney Morning Herald's newsletter here and The Age's here. Katina Curtis is a political reporter for The Sydney Morning Herald and The Age, based at Parliament House in Canberra. This is a really bad idea," the former leader said. A number of backbench Coalition MPs have urged the government to drop legislated increases in the super guarantee levy, which is set to rise from 9.5 to 10 per cent in July then incrementally to 12 per cent by mid-2025. Charities slammed by triple threat as coronavirus damage takes its toll, Vegans rising: Australia second in the world for veganism as Gen Z snubs lab-grown meat, Industry super funds to invest $33 billion in job creation, Victorian real estate agents push back against calls to block rent reductions, Call for diversity as Aussie model with disability prepares for catwalk at New York Fashion Week, Paul Keating and Kevin Rudd slam Coalition for attacking superannuation. Former Labor PMs Paul Keating – considered the architect of Australia’s superannuation scheme – and Kevin Rudd teamed up on Monday to accuse the Coalition of trying to destroy the system. "He [Paul Keating] and I are angry as hell that this mob have decided, it seems, to take a meat axe to this important part of our national economic future and our social wellbeing.". Get The New Daily free every morning and evening. The former Labor prime ministers went on the attack at simultaneous press conferences after Treasurer Josh Frydenberg indicated the government was considering the move. All rights reserved. “Superannuation is a bit like a bath,” he said. Assistant Superannuation Minister has accused Labor of "opening the crypt". Scientists create once-a-night pill that could stop snoring for good, Sunrise hosts in tears as Cash Cow’s live TV segment ends in disaster, Paul Hogan's heartwarming reunion with granddaughter Mylee live on Sunrise, Piers Morgan shares details of surprise phone call from President Donald Trump, Thousands of brand new appliances being sold at bargain prices due to beetle infestation. Not take a chink out of it, to actually destroy it," he said. Keating, Rudd warn government seeking to destroy superannuation. Appearing on Sunrise, Rudd accused the government of attempting to “kill” the superannuation scheme and explained why he’s speaking out. Mr Rudd said Australia had retained its triple-A credit rating because it had "a bucket-load of national savings" thanks to the superannuation system and undermining that would force more people onto the aged pension. The federal government has indicated it will make a decision on the legislation closer to the start date in mid-2021. Former prime ministers Paul Keating and Kevin Rudd, pictured at the 2019 Labor campaign launch, have launched a blistering attack on the government over superannuation. Copyright © 2020 The New Daily. Scott Morrison’s crusade against compulsory superannuation marks the greatest assault on the living standards of working Australians since John Howard’s WorkChoices industrial laws took the meat axe to wages and conditions. The latest data shows 3.1 million Australians have withdrawn a collective $32.2 billion from their superannuation accounts early under the coronavirus scheme.

On Monday, he lashed out at the Treasurer for softening the ground in a television interview where Mr Frydenberg said: "We're considering the issue bearing in mind that we are in the middle of a crisis.".

Former Labor PMs Paul Keating – considered the architect of Australia’s superannuation scheme – and Kevin Rudd teamed up on Monday to accuse the Coalition of trying to destroy the system. "What are we asking the Treasurer to do? The way to make people more secure in retirement isn’t to cut superannuation,” he said on Tuesday. There was an error submitting the form. Add articles to your saved list and come back to them any time. “The water in the bath is the savings. "If the Treasurer falls for the baby-faced Liberals and the meanness against the workforce of Australia in yet another massive broken promise, what you know is you're going to get no structural changes from him.". Mr Keating has not publicly entered the debate around the superannuation increase until now but it is understood he has had private conversations with Mr Frydenberg urging him to hold the line. And how will this one finish? “Then they’re turning the tap off at the top of the bath – to stop the actual 2.5 per cent of super coming in.”. Dr Chalmers said it was “absolutely crucial” the super guarantee hikes went ahead, particularly given people had been granted early access to their super during the pandemic. "They want to drain the money out of the bottom of the system and stop money come into the top of the system," Mr Keating said. On Tuesday, Assistant Superannuation Minister Jane Hume tried to laugh off the joint attack. But shadow treasurer Jim Chalmers has made it clear Labor will not support delaying the legislated rise. Please try again. The former Labor Prime Minister is concerned the Coalition will dump next year’s planned increase to the compulsory superannuation guarantee. Kevin Rudd The reason I’m speaking to you this afternoon, here in Brisbane, is that Paul Keating, former Prime Minister of Australia, and myself, have a deep passion for the future of superannuation, retirement income adequacy for working families for the future, the future of our national savings and the national economy. To knock over half a dozen Liberals ... not massive structural changes, knock over a few Liberals who want them to break an election promise," he said. Both former prime ministers rejected the argument that lifting superannuation contributions now would come at the expense of wage rises – a position put by the government and groups including the Reserve Bank, peak welfare group the Australian Council of Social Service and the Grattan Institute. Money-saving home owners spark credit card cutting boom, Three dead in French church knife attack that mayor declares as terrorism. The current super guarantee has sat at 9.5 per cent since 2014 and is legislated to increase to 10 per cent next year before gradually rising to 12 per cent. Subscribe for free to get the latest breaking news and analysis sent to your inbox.