Mike Symon (Deakin, Australian Labor Party) Share this | Hansard source

My very brief contribution tonight relates to Australia’s superannuation system. Although it is widely regarded as one of the best superannuation systems in the world, there is still more to be done with it. In particular, it comes to the point of workers actually receiving their superannuation. Although amounts may be shown on pay slips, there is no guarantee that the amount shown on a pay slip is actually deposited into a worker’s superannuation account. This is not a new problem. This has been around since superannuation was brought in as a general entitlement. Although in many cases it is fixed at a later date, there are certainly many examples where that is not the case. Money is shown as being credited to working people’s accounts but is actually never paid and they do not, of course, receive the benefit. Sometimes it may be claimed back through the tax office; many times they lose out. Sometimes it may not just be a week or a month’s pay; it might be a whole quarter or, many times, a year or more, especially when companies go into liquidation.

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