The Federal Government has confirmed it will move to introduce a minimum 12% superannuation rate for the resources sector during the current term of parliament.
The announcement, flagged in an interview with Resources Minister Martin Ferguson in the Australian Financial Review on 20 September 2010, was confirmed as official government policy.
The sector-specific super increase from 9% to 12% foreshadows wider government plans to legislate a 12% national minimum in 2013. However, the resource sector super increase was previously mooted as part of the Labor government’s mining tax reforms.
Ferguson said he wants mining companies and unions to incorporate the increase in all new wage agreements in the resources sector.
“We need to ensure that in the years to come those with lower earnings are not put in a position of effectively subsidising the retirement incomes of today’s high wage earners,” Mr Ferguson said in a statement to Workforce Daily.
“[I]n those industries such as the resources sector where we are seeing record increases in wages, we encourage employees and employers to work together now to negotiate workplace agreements that will benefit them in the future,” he said.
“I call on Australia’s unions to also demonstrate their leadership on this issue when negotiating new agreements in the resources sector.”
The Minerals Council of Australia was guarded in its response to the pending super hike. “We’re taking a closer look at the minister’s comments,” a spokesperson said. Workforce Daily could not contact resource sector unions – the CFMEU and AWU – for comment before this article went to press.
Source: Thomson Reuters Workforce news, 20 September 2010. For the full article, sign up for a FREE TWO-WEEK TRIAL of Workforce and other Thomson Reuters premium news services. Click here to sign up.
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