Three decades after the birth of compulsory super, there’s still much left to do

It's been 30 years since Paul Keating introduced compulsory superannuation. But does it work for everyone? Photo: The New Daily

It is three decades this week since Paul Keating introduced compulsory superannuation to Australia. So what has the system achieved, and what is still left to do?

Forcing workers to set aside a share of their wages – starting at 3 per cent in 1992 and rising to 10.5 per cent today – has boosted Australians’ retirement incomes. Retirees today are the most financially comfortable cohort in the Australian community. Far fewer of them suffer such severe financial stress that they skip a meal or can’t pay the electricity bill, compared to working Australians.