WEBVTT - The changes coming to your super

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<v Speaker 1>This episode is brought to you by Super Members Council.

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<v Speaker 1>They're here to protect in advance the interests of super

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<v Speaker 1>fund members like you, making sure the way that your

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<v Speaker 1>super helps you stays stable, effective and fair.

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<v Speaker 2>Good morning and welcome to the Daily OS. It's Sunday,

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<v Speaker 2>the twenty second of June. I'm Billy Fitzsimon.

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<v Speaker 1>I'm Sam because Loski Sam.

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<v Speaker 2>It's lovely to be back with you on a Sunday morning.

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<v Speaker 1>Happy Sunday, Billy.

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<v Speaker 2>There's no other way I would want to spend my

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<v Speaker 2>Sunday mornings other than talking to you about super.

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<v Speaker 1>It's a super Sunday. I let's feel good. Let's get

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<v Speaker 1>into it because it is something that we all are

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<v Speaker 1>participants in. Yeah, well, we don't spend that much time

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<v Speaker 1>talking about especially for younger generations.

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<v Speaker 2>So did you know the amount of super annuation you

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<v Speaker 2>get paid is about to change As of the first

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<v Speaker 2>of July, the minimum amount of super YEW received is

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<v Speaker 2>about to increase. So what does this actually mean for you?

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<v Speaker 2>We will explain in today's podcast before we dive into

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<v Speaker 2>today's topier. As it would have heard at the top,

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<v Speaker 2>this podcast is sponsored by Super Members Council, but they

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<v Speaker 2>have had no influence over the editorial content of this episode.

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<v Speaker 1>Before we get into the changes to super, I think

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<v Speaker 1>we should first explain what super actually is, because it's

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<v Speaker 1>something that impacts everybody. You know, at the very least

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<v Speaker 1>you're giving your super details to your employer, but perhaps

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<v Speaker 1>especially for younger people, we don't stop and actually have

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<v Speaker 1>it properly explained. Take us through the fundamentals of this.

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<v Speaker 2>So super annuation, or we more commonly refer to it

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<v Speaker 2>as super is a way of saving for retirement that

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<v Speaker 2>is compulsory in Australia. You can kind of think of

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<v Speaker 2>it like forced savings. I think that's a good way

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<v Speaker 2>to think about it. And what it means is that

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<v Speaker 2>employers are required by law to pay a percentage of

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<v Speaker 2>your wages into an account, which is your super fund,

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<v Speaker 2>which is then invested over time to help you build

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<v Speaker 2>up savings for when you stop working. I often hear

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<v Speaker 2>people say, oh, I don't invest in shares. A response

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<v Speaker 2>to that can be, well, you probably do if you

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<v Speaker 2>have a super account, which we all do.

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<v Speaker 1>And the idea behind that is if you have ten

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<v Speaker 1>dollars in a super account in twenty twenty five, you

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<v Speaker 1>can make that ten dollars work harder for you by

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<v Speaker 1>the time you're sixty five in thirty forty years, that

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<v Speaker 1>ten dollars is hopefully twenty dollars exactly. And what's the

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<v Speaker 1>history of this scheme?

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<v Speaker 2>So it hasn't been around for as long as you

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<v Speaker 2>might think. It was introduced as a compulsory payment in

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<v Speaker 2>nineteen ninety two by Paul Keating's government, and that means

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<v Speaker 2>that people retiring now likely haven't actually had a super

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<v Speaker 2>account for their entire working lies, unless of course, they

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<v Speaker 2>were voluntarily putting money into a super account before nineteen

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<v Speaker 2>ninety two. Now, when it was introduced, the World Bank

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<v Speaker 2>described Australia as actually being at the international forefront of

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<v Speaker 2>policies to address the cost of aging.

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<v Speaker 1>And that's important, right because now we're kind of getting

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<v Speaker 1>in to the why the why supers there.

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<v Speaker 2>Yes, that is the key point. That super has everything

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<v Speaker 2>to do with how to deal with the economic needs

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<v Speaker 2>of an aging population.

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<v Speaker 1>So you're saying that they can then have a pile

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<v Speaker 1>of money to lean on, exactly, So spell that out

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<v Speaker 1>for me, what exactly do you mean by that?

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<v Speaker 2>So the idea is that if people have more savings

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<v Speaker 2>when they retire, then they won't need to go on

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<v Speaker 2>the age pension, which is taxpayer funded. So therefore, in theory,

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<v Speaker 2>it reduces the burden on governments, and that is something

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<v Speaker 2>that governments around the world are dealing with. As people

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<v Speaker 2>live for longer, there is more of this drain on

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<v Speaker 2>government resources, and so the question that governments around the

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<v Speaker 2>world are grappling with is how do we set people

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<v Speaker 2>up so that less people are in need of government support.

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<v Speaker 2>It's kind of this funny thing where you think, oh,

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<v Speaker 2>it's great that people are living for longer and life

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<v Speaker 2>expectancies are increasing, but that does come with economic challenges,

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<v Speaker 2>and that is exactly what super is trying to address.

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<v Speaker 1>It's interesting that it's framed as you don't know yet

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<v Speaker 1>that you're going to need this later, yeah, but you will, yes,

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<v Speaker 1>So we're going to think decades ahead for you, even

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<v Speaker 1>though let's be honest, probably younger people would want more

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<v Speaker 1>money in their paychecks. What does it mean though for

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<v Speaker 1>an average person today?

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<v Speaker 2>So today, it means that it is mandatory for your

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<v Speaker 2>employer to pay a percentage of your wage into.

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<v Speaker 1>Your superfund, so it doesn't pass through your bank account,

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<v Speaker 1>it goes straight to the fund. That's right.

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<v Speaker 2>And so at the moment that percentage is eleven point

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<v Speaker 2>five percent. So let's say that you're earning seventy thousand

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<v Speaker 2>dollars a year, your employer needs to be putting a

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<v Speaker 2>minimum of about eight thousand dollars into a super fund

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<v Speaker 2>for that year.

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<v Speaker 1>And so, Billy, is that amount of money that your

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<v Speaker 1>employer is paying for your super is that on top

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<v Speaker 1>of your salary.

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<v Speaker 2>It actually depends on your employer whether it's on top

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<v Speaker 2>of or part of. So you always get paid super.

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<v Speaker 2>That is consistent amongst every company. But some companies advertise

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<v Speaker 2>the salary excluding super and then some advertise it including Super.

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<v Speaker 2>So you have to make sure that you understand if

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<v Speaker 2>the figure that you're presented with in your contract includes

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<v Speaker 2>or excludes SUPER, and it will mean a different amount

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<v Speaker 2>of take home pay. So the amount of pay that

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<v Speaker 2>you see today. And so if we go back to

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<v Speaker 2>the example of earning seventy thousand dollars a year, if

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<v Speaker 2>it's excluding SUPER, then that's when it means there will

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<v Speaker 2>be another eight thousand dollars that you don't see today,

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<v Speaker 2>but that is going into your super account. Or if

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<v Speaker 2>it's including Super, then your take home pay is closer

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<v Speaker 2>to the sixty thousand dollars mark and the rest is going.

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<v Speaker 1>Into super Okay, So it's basically reading the fine print

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<v Speaker 1>and working out whether the eleven point five percent is

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<v Speaker 1>on top of or including into that payment. What else

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<v Speaker 1>do we need to know about how super works because

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<v Speaker 1>I often see comments from people that are tapping into

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<v Speaker 1>some of the more complex parts of super.

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<v Speaker 2>Well. One thing is that you can act actually make

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<v Speaker 2>voluntary contributions. So we talk a lot about the mandatory

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<v Speaker 2>contributions that your employer needs to make, but if you

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<v Speaker 2>want more SUPER in your account, then you can make

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<v Speaker 2>voluntary contributions. You can sacrifice part of your salary and

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<v Speaker 2>you can either do that individually, or you can say

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<v Speaker 2>to your employer, I want you to put more of

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<v Speaker 2>my salary into this super fund.

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<v Speaker 1>And I guess that's the ultimate long term gratification. If

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<v Speaker 1>you're putting more in, when can you access this kind

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<v Speaker 1>of hidden treasure chest of super savings?

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<v Speaker 2>So the current rules are that you can access your

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<v Speaker 2>super if you're between sixty and sixty four and have

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<v Speaker 2>stopped working so have basically retired, or if you're sixty

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<v Speaker 2>five and older even if you're still working and that

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<v Speaker 2>age has changed over time as the age of retirement.

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<v Speaker 1>Interesting crease. I wonder if you know, in one hundred

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<v Speaker 1>years in the future, is medicines better, technology is better?

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<v Speaker 1>Whether the super age could even be higher than that?

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<v Speaker 1>Would we have a superage of eighty?

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<v Speaker 2>Yeah, so interesting. I imagine sooner than in one hundred

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<v Speaker 2>years it will increase.

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<v Speaker 1>Okay, And the reason why we're talking about all of

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<v Speaker 1>this today is because we have this end of financial

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<v Speaker 1>year deadline of the first of July coming up next week,

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<v Speaker 1>and that's when super is changing. Talk me through those changes.

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<v Speaker 2>Yes, so it's kind of a mandated pay increase for everyone.

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<v Speaker 1>Well, how about that? Yes, how about that?

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<v Speaker 2>So as of the first of July this year, your

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<v Speaker 2>employer will be required to put in twelve percent of

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<v Speaker 2>your salary, which is up from the eleven point five

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<v Speaker 2>percent I was talking about before. And you might be wondering,

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<v Speaker 2>what does that actually mean for me? The zero point

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<v Speaker 2>five percentage point increase alone could see a typical thirty

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<v Speaker 2>year old retire with twenty two thousand more in their

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<v Speaker 2>super account. Now, what you might not know is that

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<v Speaker 2>this increase that we're seeing in July, there have actually

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<v Speaker 2>been a number of increases over the past few years.

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<v Speaker 2>This is the final increase that is happening, so it's

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<v Speaker 2>kind of going to stay at this level of twelve

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<v Speaker 2>percent for a while.

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<v Speaker 1>So from July two thousand and two until the thirtieth

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<v Speaker 1>of June twenty thirteen, the super eight was nine percent.

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<v Speaker 1>There's been a gradual increase from twenty thirteen, so it's

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<v Speaker 1>been kind of staggered over time, and it's quite a

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<v Speaker 1>big increase. That's three percent more from twenty thirteen.

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<v Speaker 2>But just to give you one more number and then

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<v Speaker 2>I promise we'll stop giving you all the numbers that

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<v Speaker 2>taken together with the full increase from nine percent to

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<v Speaker 2>twelve percent over the past decade, that could add up

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<v Speaker 2>to more than one hundred thousand dollars in your superannuation

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<v Speaker 2>savings by retirement because of all those increases.

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<v Speaker 1>And this isn't the only change that's coming to super

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<v Speaker 1>There's been a lot of news about superbalances that are

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<v Speaker 1>more than three million bucks.

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<v Speaker 2>Yes, although important to note that this isn't necessarily a

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<v Speaker 2>definite change because it hasn't passed parliament yet. This is

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<v Speaker 2>our proposal from the current government, but they haven't introduced

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<v Speaker 2>the legislation and had it passed parliament yet. But essentially

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<v Speaker 2>the government has announced a policy to increase taxes on

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<v Speaker 2>earnings on super balances over three million dollars. Before I

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<v Speaker 2>explain this, I need to explain how supers are taxed,

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<v Speaker 2>which we haven't yet discussed.

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<v Speaker 1>Okay, so that's interesting. It's a form of income, I guess.

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<v Speaker 1>So it's money that you are receiving from your employer,

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<v Speaker 1>and so it is taxed.

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<v Speaker 2>It is taxed, but it's actually taxed at a lower

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<v Speaker 2>rate than your regular income. So as a general rule,

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<v Speaker 2>the money that goes into your super annuation is taxed

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<v Speaker 2>at a rate of fifteen percent, and that is lower

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<v Speaker 2>than all current income tax brackets. So you're paying less

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<v Speaker 2>tax on your super than you are on your regular income,

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<v Speaker 2>which is why some people might do those voluntary contributions

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<v Speaker 2>from their employer because it is taxed less. Now, that

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<v Speaker 2>is what Labor has proposed to change for the money

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<v Speaker 2>earned on super balances over three million dollars, that it

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<v Speaker 2>wants to increase the taxes for those accounts. Treasurer Jim

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<v Speaker 2>Charmers said is that those balances are beyond what is

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<v Speaker 2>necessary to fund a comfortable retirement. So basically, if the

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<v Speaker 2>whole idea of this is to make sure that you

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<v Speaker 2>have enough money to retire, more than three million dollars

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<v Speaker 2>is more than enough for you to live a comfortable retirement,

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<v Speaker 2>and so we're just going to tax the earnings of

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<v Speaker 2>those balances a little bit more.

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<v Speaker 1>And to take that one step further, their rationale would be,

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<v Speaker 1>we're going to tax that a little bit more because

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<v Speaker 1>you can probably afford it if you're in that position,

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<v Speaker 1>and that money will then be used to fund government activities,

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<v Speaker 1>which could include everything from health, education, roads, defense, whatever

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<v Speaker 1>the government needs to spend money on exactly.

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<v Speaker 2>Now there is more detail to it, and there is

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<v Speaker 2>also some criticism of the policy. The opposition, for example,

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<v Speaker 2>is against it. I don't know if it's worth getting into,

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<v Speaker 2>partly because it is quite a small percentage of people

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<v Speaker 2>that this increased tax, if it does pass, will apply to.

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<v Speaker 1>And I'm sure quite a smaller percentage of people who

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<v Speaker 1>would be young people.

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<v Speaker 2>Who I genuinely don't know if any young people would

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<v Speaker 2>have that amount in their super account.

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<v Speaker 1>If those tech billionaires that we talked about on Friday

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<v Speaker 1>had super funds, if they were Australian, maybe it will

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<v Speaker 1>apply to them.

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<v Speaker 2>It would definitely apply to one hundred.

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<v Speaker 1>Million dollars signing busus is. But yeah, i'd say overall

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<v Speaker 1>this is kind of a topic that doesn't necessarily impact

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<v Speaker 1>a whole heap of young Australians.

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<v Speaker 2>Well, I have the exact number of how many Australians

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<v Speaker 2>overall it impacts. So ninety nine point five percent of

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<v Speaker 2>Australians currently don't have more than three million dollars in super,

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<v Speaker 2>So at the moment, this policy would only apply to

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<v Speaker 2>zero point five percent of Australians of all ages.

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<v Speaker 1>Okay, So I feel like if we look at the

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<v Speaker 1>two things that we discussed today, that three million dollar

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<v Speaker 1>super tax change that's going to go through Parliament, you'll

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<v Speaker 1>see that in the news, and it's good to be across, But.

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<v Speaker 2>The main definitely going to go through parliament.

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<v Speaker 1>Sorry, well, it will be tabled in Parliament, they'll have

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<v Speaker 1>their big discussions and probably do some shouting and then

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<v Speaker 1>we'll see what happens. But the big change that I

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<v Speaker 1>think it is important for young people to be across

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<v Speaker 1>is this increase from July and the minimum amount of

0:12:07.160 --> 0:12:10.480
<v Speaker 1>super that we're all entitled to as Australians is going

0:12:10.559 --> 0:12:14.200
<v Speaker 1>up and that is a really important part of our

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<v Speaker 1>economic system that we're all participants in to be aware

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<v Speaker 1>of and to chat through.

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<v Speaker 2>Absolutely, I look forward to seeing it my super account.

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<v Speaker 1>You know what you're worth thirteen percent?

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<v Speaker 2>Oh oh thanks Sam, Oh gotcha, we've got it on records.

0:12:25.960 --> 0:12:27.120
<v Speaker 2>I'll just send this back to you.

0:12:27.360 --> 0:12:29.880
<v Speaker 1>Okay, that's a slightly awkward way to end podcast, but

0:12:30.040 --> 0:12:32.000
<v Speaker 1>you know what, there's nothing like a bit of negotiation

0:12:32.120 --> 0:12:36.360
<v Speaker 1>on air. That's all I've got time for your Sunday

0:12:36.559 --> 0:12:39.760
<v Speaker 1>special super episode of Daily Ods. Thank you so much,

0:12:39.800 --> 0:12:42.040
<v Speaker 1>Billy for taking us through that, and thank you for

0:12:42.120 --> 0:12:45.640
<v Speaker 1>listening to this part. It's a really good way to

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<v Speaker 1>keep in touch with those things that you feel like

0:12:48.280 --> 0:12:51.079
<v Speaker 1>you probably should have learnt in school, but maybe skip

0:12:51.120 --> 0:12:52.920
<v Speaker 1>to day and we're always here to take you through

0:12:52.960 --> 0:12:54.800
<v Speaker 1>the parts of your pay package and the parts of

0:12:54.800 --> 0:12:57.240
<v Speaker 1>your life that always needs a little bit more explaining.

0:12:57.520 --> 0:13:00.280
<v Speaker 1>We'll be back again tomorrow morning with another d dive.

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<v Speaker 1>Until then, have a beautiful Sunday.

0:13:02.240 --> 0:13:04.920
<v Speaker 2>Bye.

0:13:07.040 --> 0:13:09.360
<v Speaker 3>My name is Lily Maddon and I'm a proud Arunda

0:13:09.559 --> 0:13:14.359
<v Speaker 3>Bunjelung Calcutin woman from Gadighl Country. The Daily oz acknowledges

0:13:14.440 --> 0:13:16.599
<v Speaker 3>that this podcast is recorded on the lands of the

0:13:16.640 --> 0:13:20.199
<v Speaker 3>Gadighl people and pays respect to all Aboriginal and Torres

0:13:20.200 --> 0:13:23.120
<v Speaker 3>Strait Island and nations. We pay our respects to the

0:13:23.120 --> 0:13:25.920
<v Speaker 3>first peoples of these countries, both past and present.

0:13:27.040 --> 0:13:29.880
<v Speaker 1>Want to understand your super and how it's working for you,

0:13:30.240 --> 0:13:34.600
<v Speaker 1>head to Smcaustralia dot com. Super Members Council is here

0:13:34.600 --> 0:13:37.480
<v Speaker 1>to protect your savings now and into retirement.