1 00:00:00,000 --> 00:00:01,760 Speaker 1: We've got a survey out in the last couple of days. 2 00:00:01,760 --> 00:00:04,000 Speaker 1: It broadly supported the government's moves around key we saver. 3 00:00:04,080 --> 00:00:05,800 Speaker 1: That's the three and three, the four and four. You 4 00:00:05,840 --> 00:00:08,520 Speaker 1: know your three percent contribution employers three percent going to 5 00:00:08,560 --> 00:00:11,160 Speaker 1: four percent. But they wanted the government in the survey 6 00:00:11,200 --> 00:00:14,000 Speaker 1: to do something about the cut and contribution from the state. 7 00:00:14,040 --> 00:00:17,440 Speaker 1: That that change came into effective course this week. Small 8 00:00:17,520 --> 00:00:19,680 Speaker 1: hint for you if you rely on the government for 9 00:00:19,720 --> 00:00:22,880 Speaker 1: any consistency around long term projects, forget it. Government from 10 00:00:22,920 --> 00:00:25,160 Speaker 1: the very beginning of key we Saver was always going 11 00:00:25,160 --> 00:00:27,840 Speaker 1: to be the weak link dedication and focus from government 12 00:00:28,080 --> 00:00:30,360 Speaker 1: when it comes to big picture stuff is a casualty 13 00:00:30,400 --> 00:00:32,800 Speaker 1: of the three year political cycle. They were never going 14 00:00:32,840 --> 00:00:35,200 Speaker 1: to be our friend on retirement savings. The best advice 15 00:00:35,240 --> 00:00:38,040 Speaker 1: I offer anyone in fact, including our kids, do it yourself. 16 00:00:38,400 --> 00:00:42,160 Speaker 1: It's your life, your decision, your future. Do it yourself now. 17 00:00:42,200 --> 00:00:44,280 Speaker 1: To show you how hopeless we are at saving in 18 00:00:44,320 --> 00:00:47,519 Speaker 1: this country, figures released last week in America showed their 19 00:00:47,560 --> 00:00:49,559 Speaker 1: key we sab, what they call their four oh one 20 00:00:49,680 --> 00:00:53,320 Speaker 1: K hit a record of fourteen point three percent. That's 21 00:00:53,320 --> 00:00:55,840 Speaker 1: on average, most Americans put in fourteen point three percent 22 00:00:55,880 --> 00:00:58,400 Speaker 1: into their savings. So while we're mucking around on three 23 00:00:58,520 --> 00:01:02,320 Speaker 1: and four, they're up to fourteen. And here's the kicker. 24 00:01:02,360 --> 00:01:04,200 Speaker 1: The industry says, look, it really needs to be over 25 00:01:04,280 --> 00:01:07,600 Speaker 1: fifteen if you want to be comfortable, so a psychological 26 00:01:07,640 --> 00:01:10,280 Speaker 1: step change is required, and are not sure we're ever 27 00:01:10,319 --> 00:01:12,920 Speaker 1: actually going to get there, whether it's employer contributions that 28 00:01:12,959 --> 00:01:15,440 Speaker 1: get offered instead of more pay, or whether it's the 29 00:01:15,440 --> 00:01:18,160 Speaker 1: Australian style compulsion. A lot of countries do it a 30 00:01:18,200 --> 00:01:20,199 Speaker 1: lot of different ways, and most of them have dealt 31 00:01:20,200 --> 00:01:23,200 Speaker 1: with the age of retirement as well. We are basically 32 00:01:23,200 --> 00:01:26,280 Speaker 1: stuck with the sixty five and this angst around even 33 00:01:26,360 --> 00:01:28,759 Speaker 1: having a debate about changing it, and far too many 34 00:01:28,800 --> 00:01:30,520 Speaker 1: people who get to retire it are stuck with a 35 00:01:30,560 --> 00:01:33,440 Speaker 1: state funded payout that has never been good and will 36 00:01:33,440 --> 00:01:35,280 Speaker 1: not serve you well. If that's all you have to 37 00:01:35,319 --> 00:01:37,120 Speaker 1: live off. There is of course no reason for this 38 00:01:37,280 --> 00:01:39,360 Speaker 1: even even to be a problem at all. Lequon you 39 00:01:39,720 --> 00:01:42,199 Speaker 1: many many years ago, and Singapore took a third world country, 40 00:01:42,200 --> 00:01:43,920 Speaker 1: told them to save, force them to save, and now 41 00:01:43,959 --> 00:01:47,240 Speaker 1: they're rich. The answers they're all there. Australia's got it sorted. 42 00:01:47,280 --> 00:01:50,040 Speaker 1: The Norway funder is famous. Even the Americans at fourteen 43 00:01:50,080 --> 00:01:52,840 Speaker 1: point three percent, seem to have it solved. We need 44 00:01:52,880 --> 00:01:55,360 Speaker 1: to look and learn and then get our act together 45 00:01:55,520 --> 00:01:57,360 Speaker 1: and apply a bit of basic discipline to our long 46 00:01:57,440 --> 00:02:01,400 Speaker 1: term futures that doesn't rely on the guff. For more 47 00:02:01,440 --> 00:02:04,440 Speaker 1: from The Mic Asking Breakfast, listen live to News Talk 48 00:02:04,520 --> 00:02:07,760 Speaker 1: Set B from six am weekdays, or follow the podcast 49 00:02:07,800 --> 00:02:08,680 Speaker 1: on iHeartRadio.