Today, we celebrate 30 years of the Superannuation Guarantee Legislation – a landmark achievement by the ACTU in collaboration with the Hawke Government to protect and preserve retirement rights while also increasing the compulsory employer contribution rate to 9%.
Though we may be used to superannuation now, only 29% of workers received super prior to this campaign win in 1992. This was by no means an easy win, but a decades-long, uphill battle met with fierce opposition from businesses and the Liberal Party.
The truth is that the fight for super actually began over a century ago. So, let’s take a walk down memory lane and see how we got here…
The union movement has been campaigning for retirement funds as far back as 1888, with the establishment of the Ballarat Worn-Out Miners’ Superannuation Fund. With those foundations laid, union members took leaps in the 1930s – even striking for six weeks in NSW – to eventually win an industry-wide pension.
The 1960s saw the first steps of superannuation as we know it today, when waterside union members fought a long and hard battle to win employer-paid retirement income and established what would eventually come to be known as Maritime Super, Australia’s oldest industry super fund.
These grassroots movements launched a nationally coordinated campaign where union members took industrial action and bargained for dignity and security in retirement. This culminated in the introduction of Superannuation Guarantee Legislation in 1992, ultimately seeing many more Australian workers entitled to retirement contributions. Thirty years on, we remember the determination of unions to fight for this right.
Strides made, but still a long way to go
Super is a protected right, but the system is still far from perfect. We routinely see workers robbed of their super – which constitutes wage theft. The ATO is supposed to prevent super-theft but unfortunately, they have shown they’re unable to stop the alarming and massive scale of super-theft by employers.
Class disparities are also reflected in this flawed system. Tax concessions consistently benefit the rich, while First Nations people continue to retire with much, much less. Women also retire with a lot less than their male counterparts.
These are urgent problems that the union movement will continue to fight.
More victories
On the 30th anniversary of the legislation, we are also seeing some positive changes to our super won by union campaigns.
The contribution guarantee is increasing to 10.5% and the $450 threshold on earning super is being removed for ongoing employees over the age of 18.
Changes like these accumulate over time to make a world of difference for retiring workers.
The Australian union movement played an integral role to win superannuation and a pathway to a dignified retirement as a universal workplace right. No worker should retire into poverty, and superannuation is a critical part of ensuring every worker maintains their standard of living in retirement.
Today, we celebrate how far we’ve come, recognise how far we need to go, and honour the right for all Australians to retire with safety and dignity.
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The long fight for superannuation