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United Future proposes change to super formula

Media statement
For immediate release
Wednesday, 13 April 2005

United Future proposes change to super formula

United Future’s superannuation spokesperson Gordon Copeland announced today that his party proposes a change in the formula which is presently used to adjust superannuation as at 1 April each year.

“Currently the annual super adjustment is based upon the movements in the cost of living and in average ordinary time weekly earnings up to the immediately preceding 31 December.

“This means that the level of super is adjusted retrospectively and that recipients are always lagging behind in their juggling to make ends meet.

“United Future proposes that the annual adjustment be made prospective by basing it on the forecast cost of living and the movement in weekly earnings for the year ahead. This would see the individual couple rate increase by about $10 per week ($20 for a married couple).

“Importantly, instead of super adjustments always lagging behind the cost of living movements etc they would instead, if anything, put superannuitants slightly ahead of the game,” said Mr Copeland.

Ends

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