Angus eyes Americanised superannuation

21 October, 2024

Shadow Treasurer Angus Taylor wants to Americanise Australia’s superannuation system.  

Taylor stated the Coalition’s ambitions include “aligning superannuation with other global retirement schemes like [America’s] 401k” during a recent speech at the University of Sydney. 

America’s 401k is an opt-in system where funds are not compulsorily preserved for retirement.  

Workers in these schemes often face high fees, low returns and, in shameful cases, employer misuse of their funds. 

In stark contrast, Australia’s broad-based, compulsory superannuation system is considered a world leader. 

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