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News Media Releases 12% - It’s about time
12% - It’s about time
Thursday, 03 November 2011 12:11

UnionsWA today welcomed the introduction of legislation into Federal Parliament to boost the base rate of superannuation from nine to 12 per cent.

However, it warned that detractors would cry poor.

“There is no way that anyone should be against this rise. For too long people have been facing hardship in retirement after a working life of hard work and dedication,” said Simone McGurk, Secretary of UnionsWA.

It has been almost a decade since superannuation contributions were last increased. An Australian Institute of Superannuation Trustees poll found that more than two-thirds of Australians supported the increase.

The Gillard Government will use revenue from the Mineral Resource Rent Tax to finance the increase in the guaranteed super rate.

“There is more investment in Australia now than there has ever been, most of it in the resource sector, and this is despite the tax,” said Ms McGurk.

“This is a real way to share some of the wealth from big resource projects with those working outside the industry.”

Figures reported this week show planned or current spending rose 7.5 per cent in the three months to September to an all-time high of almost $900 billion and the value of definite projects, those under construction or soon to be, jumped almost 14 per cent in the quarter to just over $400 billion, a 51 per cent increase over the past year. (Deloitte Access Economics' quarterly measure of investment)

Total investment in WA rose almost $5 billion to a record high of just over $268 billion, of which $53 billion is committed and another $84.5 billion under consideration.
“This is the nail in the coffin to the argument that investment would come to a standstill if the tax went ahead,” Ms McGurk said.

“The WA government needs to take note that industry flexing a bit of muscle and demanding a better deal during negotiations does not close the door on major investment.”

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