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Saving and Super

The COVID-19 crisis prompted the Federal Government to allow people of all ages, not just those over 65, to access their super early. I understand that at this time the sale of motorbikes took a significant jump. I’m fairly certain that very few people past retirement age were responsible for this hike.

As Treasurer, Paul Keating was responsible for introducing our current system of superannuation, and I’ve never ceased to declare this the most significant financial event of my lifetime. This is the classic win/win situation for both the government and the pensionable populace.

Noel Whittaker’s classic guide to wealth creation/preservation recommends saving 10% of your income starting with your first pay packet. When my salary was £20 a week, a £2 saving could only have come from starving the kids, but the forced saving in our superannuation really affirms Australia’s claim to being the Lucky Country.

It would have been nice if my employer back then had been obliged to put 9% of £20 each week into my virtual piggy bank.