The Australian Greens have sold out women and low to middle income workers by agreeing to the Abbott Government’s cuts to the age pension this week.
Analysis by respected research firm Rice Warner and superannuation experts Industry Super Australia shows those hit the hardest by the Greens–Abbott deal are ordinary workers on low to middle incomes earning $75,000 or below.
In fact, the research reveals that around 80 per cent of single women retiring in 2055 will be disadvantaged.
Even with current superannuation, pension payments and other savings combined, nearly 63 per cent of single women will not be able to retire comfortably through to 2055. These cuts will make this situation even worse.
Single men will also be adversely affected by the cuts, including those currently aged:
- 25-29 years who are earning around $27,500 to $143,000;
- 45-49 years who are earning between $56,000 to $183,000; and
- 55-59 years who are earning between $52,000 to $160,000.
Combined with the Abbott Government’s decision to freeze the 0.5 per cent increase to the superannuation guarantee at last year’s Budget, these new measures will deepen social inequity.
To Build a Better future, it’s essential that we have a fair system for retirement that includes proper pensions and superannuation to ensure working people have decent living standards in retirement.
Unions call on the Greens to reject this deal and instead fight for a retirement system that doesn’t leave ordinary workers’ worse off.
Quotes attributable to ACTU Secretary Dave Oliver:
“All workers deserve a decent standard of living when they retire – not just the wealthy.”
“The Greens deal with the Abbott Government will punish low to middle income earners and women.”
“We’re calling on The Greens to reverse their support for a deal that leaves workers worse off.”