The nation’s biggest superannuation lobby group is on a collision course with the federal government, launching a digital campaign to tell 1 million voters their golden years could be in jeopardy from policy changes requiring them to work longer, sell their home or retire later.
Industry Super Australia, whose members include major funds like Australian Super, HostPlus, HESTA and Cbus, is pouring money into an online marketing blitz putting up to 10 messages a month in front of under 35-year-olds and pre-retirees about possible changes to their superannuation accounts.
The advertising warns the federal government may introduce policies that will see the average couple lose $170,000 in retirement savings and force them to “sell your family home to fund your retirement” if the legislated superannuation guarantee rise from 9.5 per cent to 12 per cent by 2025 is scrapped. The first rise is due in July.
The Morrison government has pointed out the increases will come at the expense of wages growth at a time when workers and businesses can ill afford to have less money, but has not said whether the increase will be scrapped. Labor, the unions and the superannuation funds say workers need the higher rate for an adequate retirement but the rise has been criticised by the Grattan Institute and the Reserve Bank.