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107-411: UniSuper is an Australian superannuation fund that provides superannuation services to employees of Australia's higher education and research sector. The fund has over 615,000 members and A$ 124 billion in funds under management, as of 30 June 2023. UniSuper is a not-for-profit company whose shareholders are 37 Australian universities and is governed by a corporate Trustee, UniSuper Limited. All

214-639: A multiculturalist immigration policy. The Keating government introduced mandatory detention for asylum seekers with bipartisan support in 1992, scrapping a time limit of 273 days. Mandatory detention would become increasingly controversial under the succeeding Howard government , a Coalition government led by Howard . The government's agenda under Keating included creating an Australian republic , reconciliation with Australia's Indigenous population , and furthering economic and cultural ties with Asia. Keating and his supporters styled his approach to social policy as "Big Picture" politics. Keating embarked on

321-513: A Liberal candidate running for the traditionally Labor electorate of Oxley, Queensland criticised the Keating government's approach to Indigenous affairs and immigration, saying that Aboriginal people were being given preferential treatment at the expense of others in need. Hanson was disendorsed by the Liberals, but only after ballot paper had been printed with her listed as a Liberal. She went on to win

428-415: A condition of release, such as terminating their employment in an employer superannuation scheme. Unrestricted non-preserved benefits do not require the fulfilment of a condition of release, and may be accessed upon the request of the worker. For example, where a worker has previously satisfied a condition of release and decided not to access the money in their superannuation fund. Benefit payments may be

535-626: A conspicuous effort to shift Australia's war remembrance focus away from its role in assisting Britain at Gallipoli and in Europe in the First World War and towards Australia's Pacific War effort, and the New Guinea Campaign which saw Australian soldiers halt the advance of Japanese troops. Keating proceeded with measures to remove the symbolism of Monarchy in Australia – removing reference to

642-551: A country which decided not to defend the Malay peninsula, not to worry about Singapore, not to give us our troops back to keep ourselves free from Japanese domination". The Liberal-National Opposition, led by Dr John Hewson , called the republican agenda a "distraction" from Australia's economic problems, criticised Keating's attack on Britain's war effort as a fiction and argued that Australia had already long since established independence from Britain. Australians for Constitutional Monarchy

749-607: A crown of thorns and in the Parliament I will do everything I can to crucify him." Other colourful invective he employed in the Parliament to describe political opponents included "brain-damaged", "mangy maggot" and "scumbags". In 1992, Keating refused to allow his Treasurer John Dawkins to appear before a senate estimates committee and described the Senate as consisting of "unrepresentative swill". During John Hewson 's tenure as Opposition Leader, he once said that being challenged by Hewson

856-501: A desire to spend more time with his family. In its second term of office, the Keating government lost four senior ministers: Graham Richardson resigned involuntarily in March 1994. This was at the same time as the involuntary resignation of Ros Kelly over the Sports rorts affair . Following the resignation of treasurer John Dawkins former WA Premier Carmen Lawrence entered parliament and

963-722: A former opposition leader, who had also been Treasurer in the Fraser government which had been defeated by the Hawke-Keating Labor ticket in 1983. The veteran leader restored the Liberal's electoral fortunes and led the Coalition to defeat Paul Keating at the 1996 federal election . By the time of the 1996 election, unemployment was at a lower rate than at the previous 1993 election, and interest rates were lower than they had been in 1990, but foreign debt had been growing. The Keating government

1070-583: A host of other minority groups." The Keating government was the first Australian Government to operate in a post- Cold War international environment. In foreign policy, the government developed bilateral links with Australia's neighbours, in particular with Indonesia, and took an active role in the development of the Asia-Pacific Economic Cooperation Forum (APEC), initiating the annual leaders' meeting. Gareth Evans , as one of Australia's longest serving Ministers for Foreign Affairs

1177-679: A legislative program which included establishing the Australian National Training Authority (ANTA) and the Creative Nation cultural policy in October 1994 (which significantly increased funding for the arts, established SBS independent and allocated funding for the Australian Interactive Media Industry Association and other new media initiatives). The government also undertook a review of

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1284-526: A lump sum or an income stream (pension) or a combination of both, provided the payment is allowed under superannuation law and the fund's trust deed. Withholding tax applies to payments to members who are under 60 or over 60 and the benefit is from an untaxed source. In either case, eligibility for access to preserved benefits depends on a member's preservation age and meeting one of the conditions of release. Until 1999, any Australian could access their preserved benefits once they reached 55 years of age. In 1997,

1391-871: A maximum of five years. Employer and personal superannuation contributions are income of the superannuation fund and are invested over the period of the employees' working life and the sum of compulsory and voluntary contributions, plus earnings, less taxes and fees are paid to the person when they retire. As superannuation is money invested for a person's retirement, strict government rules prevent early access to preserved benefits except in very limited and restricted circumstances. These include major dental, and drug and alcohol addiction recovery. In general people can seek early release superannuation for severe financial hardship or on compassionate grounds, such as for medical treatment not available through Medicare . Generally, superannuation benefits fall into three categories: Preserved benefits are benefits that must be retained in

1498-619: A member must also meet one of the following "conditions of release". Before age 60, workers must be retired — i.e., cease employment — and sign off that they intend never to work again (not work more than 40 hours in a 30-day period). Those aged 60 to 65 can access superannuation if they cease employment regardless of their future employment intentions, so long as they are not working at the time. Members over 65 years of age can access their superannuation regardless of employment status. Employed individuals who have reached preservation but are under age 65 may access up to 10% of their superannuation under

1605-407: A minimum level of benefit. An employee may request that their employer makes all or part of future payments of earnings into superannuation in lieu of making payment to the employee. Such an arrangement is known as "salary sacrifice", and for income tax purposes the payments are treated as employer superannuation contributions, which are generally tax deductible to the employer, and are not subject to

1712-425: A nation the 4th largest holder of pension fund assets in the world. The vast majority of this money is in defined contribution funds. Occupational superannuation in Australia began in the mid-19th century and has evolved significantly. Prior to 1992's mandatory superannuation, it developed in three phases. Initially, from the 19th century to the 1940s, it provided retirement income to select salaried employees. From

1819-477: A paper for cabinet. Keating ultimately put forward a his original republican model. Alexander Downer became Opposition Leader in May 1994 and developed an alternative policy for examining constitutional reform – proposing a constitutional convention be held sometime after the 1996 election to establish a consensus on the republican question. John Howard, a constitutional monarchist, succeeded Downer in 1995, but maintained

1926-478: A part of a wider reform package addressing Australia's retirement income dilemma. It had been demonstrated that Australia, along with many other Western nations, would experience a major demographic shift in the coming decades, of the ageing of population, and it was claimed that this would result in increased age pension payments that would place an unaffordable strain on the Australian economy . The proposed solution

2033-411: A powerful partnership with Hawke to deliver numerous reforms; subsequently, Hawke initially agreed to stand down after the 1990 election in Keating's favour, but later reneged on this proposal, causing tension between the two. On 3 June 1991, Keating challenged Hawke for the leadership, lost the ballot and went to the backbench. Six months later he again challenged Hawke, this time winning the leadership of

2140-459: A previously unknown bug was triggered, resulting in all of UniSuper's data on the platform being deleted. The vast majority of data was later recovered from backup sources, and Google put in place safeguards to ensure a similar incident would not happen again. Google described it as a "one-of-a-kind" event which had never previously occurred within Google Cloud. UniSuper's day-to-day administration

2247-571: A republic had been endorsed and that he would move ahead with plans for referendum. In April 1993, the establishment of a Republic Advisory Committee was announced. Keating advocated a model involving parliamentary appointment of a president – this was criticised by members of the ALP left and by the new leader of the Australian Democrats , Cheryl Kernot who wanted more substantial change, such as direct election. On 18 September 1993, Keating met with

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2354-407: A salary sacrifice arrangement must be agreed between employer and employee before the work is performed. This agreement is usually documented in writing in pro forma form. People can make additional voluntary contributions to their superannuation and receive tax benefits for doing so, subject to limits. Since the 2021/22 financial year, the concessional contribution cap has been $ 27,500. This figure

2461-501: A set percentage of employee income that should be paid into a superannuation account. Since July 2002, this rate has increased from 9% to 10% in July 2021, and will stop increasing at 12% in July 2025. Employees are also encouraged to supplement compulsory superannuation contributions with voluntary contributions, including diverting their wages or salary income into superannuation contributions under so-called salary sacrifice arrangements. There

2568-412: A superannuation fund until the employee's "preservation age". Currently, all workers must wait until they are at least 55 before they may access these funds. The actual preservation age varies depending on the date of birth of the employee. All contributions made after 1 July 1999 fall into this category. Restricted non-preserved benefits although not preserved, cannot be accessed until an employee meets

2675-691: A superannuation fund when the person meets one of the conditions of release, such as retirement, terminal medical condition, or permanent incapacity, contained in Schedule 1 of the Superannuation Industry (Supervision) Regulations 1994 . As of 1 July 2018, members have also been able to withdraw voluntary contributions made as part of the First Home Super Saver Scheme (FHSS). Under Australian federal law, employers must pay superannuation contributions to approved superannuation funds. Called

2782-432: A tax loss. An actuarial certificate may be required to support the proportion of exempt pension income based on member balances and numbers of days. Earnings on accumulation (i.e., non pension) balances remain proportionately subject to tax. Asset segregation may be used by some funds so that specific income is attributed to a specific member. A fund with only pension member accounts which pay the minimum complying pension for

2889-438: A tax-free income stream. Decisions on when to retire are likely to be influenced by the government Age Pension which, as of July 2023, commences at age 67. At retirement, each member has a lump sum balance. Most superannuation funds offer an account-based (drawdown) product for drawing retirement income. Some funds provide access to lifetime annuities purchased using the member's balance. An individual can withdraw funds out of

2996-403: A total of 46.5%. Over time various measures have allowed other forms of contribution to encourage saving for retirement. These include small business CGT contributions and rollovers and Downsizer superannuation contributions Each contribution type has specific rules and limits. Investment earnings of the superannuation fund (i.e. dividends, rental income etc.) are taxed at a flat rate of 15% by

3103-653: Is compulsory for all employed people working and residing in Australia. Federal law dictates minimum amounts that employers must contribute to the superannuation accounts of their employees, on top of standard wages or salaries . Most employees have their superannuation contributed to large funds - either industry funds (not-for-profit mutual funds, managed by boards composed of industry stakeholders), or retail funds (for-profit commercial funds, principally managed by financial institutions). However, some Australians can have their superannuation deposited into self-managed superannuation funds. The Australian Government outlines

3210-477: Is from a taxed source. Keating government Deputy Prime Minister of Australia Prime Minister of Australia Term of government (1991–1996) Ministries Elections [REDACTED] The Keating government was the federal executive government of Australia led by Prime Minister Paul Keating of the Australian Labor Party from 1991 to 1996. The government followed on from

3317-499: Is indexed to the Average Weekly Ordinary Times Earnings (AWOTE), but will only increase in increments of $ 2,500. Any contributions above the limit are called "excess concessional contributions". Unused concessional contributions cap space can be carried forward from 1 July 2018, if the total superannuation balance is less than $ 500,000 at the end of 30 June in the previous year. Unused amounts are available for

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3424-502: Is managed by a wholly owned company, UniSuper Management Pty Ltd (UniSuper Management). UniSuper's Chief Executive Officer is Peter Chun. UniSuper's Board of Directors governs the operations of UniSuper to ensure the Fund is administered in accordance with the Trust Deed, and determines the strategic direction of the Fund. The Board represents, and is accountable to, the members of UniSuper and

3531-419: Is no standard retirement age in Australia. As of July 2023, members can start to draw some money from their superannuation once they reach age 60 (people born before 1 July 1964 will have already reached their required age under older rules ). On reaching age 65, or on ceasing employment after age 60 members have total access to their superannuation balance. In most cases this can be taken as a tax-free lump sum or

3638-560: Is portable mainly through a system of preservation until a condition of release occurs (typically retirement) but a superannuation account maintains benefits while retired such as concessional tax on earnings. A member may move from fund to fund and can consolidate accounts. The October 2020 budget included a proposal (to become law) to mandate portability to encourage and support each Australian holding one account, which would remain portable. Further proposals are to mandate underperforming funds to be barred from accepting new members. The intention

3745-400: Is required to be withheld from that contribution when it is made to a fund. Both contribution types are subject to annual caps. Where the annual cap is exceeded, additional tax is payable, either at the marginal tax rate for concessional contributions, or an additional 31.5% for non-concessional contributions, which is in addition to the standard tax rate of 15% payable on contributions, making

3852-484: Is to encourage performance to benchmarks for returns and fees. Significant updates were made to the superannuation system in Australia in 2023 and 2024. The Superannuation Guarantee (SG) rate, which had been gradually increasing over the years, reached 10.5% in 2022 and is set to continue rising by 0.5% each year until it hits 12% by 2025. This change aims to enhance retirement savings for Australian workers, ensuring better financial security in retirement. Superannuation

3959-720: Is under the NDIS where an individual manages their own insurance plan, and therefore hires their own carers. SG is not required for non-Australians working for an Australian business overseas, for some foreign executives, for members of the Australian Defence Force working in that role, or for employees covered under bilateral superannuation agreements. SG contributions are paid on top of an employee's pay packet, meaning that they do not form part of wage or salaries. Contributions must be paid at least once every quarter, and can only be paid into approved superannuation funds registered with

4066-593: The Sex Discrimination Act 1984 , and legislated native title rights for Indigenous Australians following the Mabo High Court decision . In February 1992, Paul Keating announced that he wanted Australia to change its national flag because it contained the union jack within its design. Later that month, Queen Elizabeth II visited Australia for the Sydney Council's 150th anniversary and Keating greeted

4173-458: The 1993 federal election was unwinnable for Labor; the government had been in power for 10 years, the pace of economic recovery was slow and unemployment was its highest rates since the Great Depression. Opposition Leader John Hewson took the unusual step of releasing Fightback! , a detailed series of economic policies proposals, well in advance of the 1993 Election. Central to the reforms

4280-654: The 1999 Australian republic referendum . Keating gave a high priority to progressing and defining Aboriginal Reconciliation. Robert Tickner was the minister for Aboriginal and Torres Strait Islander Affairs from 1990 to 1996. The Council for Aboriginal Reconciliation was established in February 1992 and in 1993 the government passed the Native Title Act in response to the High Court's historic decision in Mabo v Queensland . It

4387-570: The Aboriginal and Torres Strait Islander Commission Act 1989 to establish the Aboriginal and Torres Strait Islander Land Fund and Indigenous Land Corporation. Little noticed at the time, the Redfern Speech is now recognised by many observers as historic and significant. Addressing remarks to non-indigenous Australia, Keating said: It begins, I think, with the act of recognition. Recognition that it

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4494-467: The Australian Securities and Investments Commission . Initially, between 1993-1996, a higher contribution rate applied for employers whose annual national payroll for the base year exceeded $ 1 million, with the employer's minimum superannuation contribution percentage set out in the adjacent table with an asterisk. The contribution rate increased over time. The SG rate was 9.5% on 1 July 2014, and

4601-521: The Hawke government after Paul Keating replaced Bob Hawke as Labor leader in an internal party leadership challenge in 1991. Together, these two governments are often collectively described as the Hawke-Keating government . The Keating government was defeated in the 1996 federal election and was succeeded by John Howard's Coalition government . Keating entered Parliament in 1969, aged just 25, when he won

4708-509: The Howard Liberal government changed the preservation rules to induce Australians to stay in the workforce for a longer period of time, delaying the effect of population ageing. The new rules progressively increased the preservation age based on a member's date of birth, and came into effect in 1999. The result is that by 2025 all Australian workers would need to be at least 60 years of age to access their superannuation. To access their super,

4815-608: The Rwandan genocide commenced in Central Africa, and, following the Somali experience, the international community was this time slow to intervene. The Keating government despatched medical staff to aid in the belated UN Mission to that nation. As part of his broader agenda for shifting Australia away from its old allegiances, Paul Keating was keen to improve defence ties with Indonesia. The ongoing occupation of East Timor by Indonesia by

4922-464: The union movement or individual unions. A change to superannuation arrangements came about in 1983 through an agreement between the government and the trade unions. In the Prices and Incomes Accord , the trade unions agreed to forgo a national 3% pay increase which would be put into the new superannuation system for all employees in Australia. In 1992, this was matched by employers' contributions at 3% of

5029-405: The "superannuation guarantee" (SG), the contribution percentage as of July 2021 is 10 per cent of the employees' ordinary time earnings, generally consisting of salaries/wages, commissions, allowances, but not overtime. SG is only mandated for employees that generally make more than $ 450 in a calendar month, or when working more than 30 hours a week for minors and domestic workers. The main exception

5136-469: The 11.5% minimum, subject to limits. The maximum amount that may be contributed per year is $ 30,000. Contributions higher than this are taxed at the person's ordinary marginal tax rate, meaning there is no tax benefit for contributing beyond that amount. Ultimately, superannuation is a system of mandatory saving coupled with tax concessions. As of 30 March 2022 , Australians have AU$ 3.5 trillion invested as superannuation assets, making Australia as

5243-424: The 1950s to the 1970s, it supplemented the age pension, primarily benefiting white-collar workers. By the 1970s, superannuation became a widespread fringe benefit, particularly among professionals, public sector employees, and the financial sector. By 1974, 32.2% of wage earners had coverage. For many years until 1976, what superannuation arrangements were in place were set up under industrial awards negotiated by

5350-568: The 1991 Gulf War in support of the United States led coalition against the Saddam Hussein Iraqi regime's invasion of neighbouring Kuwait. Following the end of the Cold War, the 1990s was a busy period for United Nations peacekeeping missions, and the Keating government committed Australian forces to various theatres: at one point during 1993, Australia had some 3000 peacekeepers committed to

5457-462: The Asia Pacific. Bill Clinton was elected in 1993 and became a supporter of the plan, while Malaysia's Prime Minister Mahathir Mohamad remained sceptical. Keating dismissed Mahatir as a "recalcitrant", resulting in a diplomatic incident, straining bilateral relations Nevertheless, Keating's broader hopes for APEC were ultimately achieved. The Hawke government committed Australian naval forces to

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5564-577: The Australian Bureau of Statistics. The lump sum RBL applied to most people. Generally, the higher pension RBL applied to people who took 50% or more of their benefits in the form of pensions or annuities that met certain conditions (for example, restrictions on the ability to convert the pension back into a lump sum). RBLs were abolished from 1 July 2007. Contributions made to superannuation, either by an individual or on behalf of an individual, are taxed differently depending on whether that contribution

5671-487: The Coalition's commitment to this proposal. Howard, in contrast to Keating, spoke in favour of the constitutional monarchy, the Australian flag and traditions like the commemoration of ANZAC Day. In June 1995, in a televised speech to Parliament entitled "An Australian Republic The Way Forward", Keating outlined a plan for a republic involving a president selected by a two-thirds majority of Parliament, following nomination by

5778-558: The Consultative Committee had 145 members and there were four vacant positions. Superannuation in Australia Contributions to superannuation accounts are subject to a concessional income tax rate of 15%. This means that for most Australians, the tax on their money sent to a superannuation account is less than the tax on money sent to their bank account. Australians can contribute additional superannuation beyond

5885-483: The First and Second World Wars, and a ban on republicans from entering their clubs was announced for ANZAC Day 1992. The opposition and many observers called Keating's comments insensitive on the basis of such factors as the sinking of HMS Prince of Wales and HMS Repulse in the defence of Singapore. RSL President, Brigadier Alf Garland , called Keating "an Irish republican bigot". On 27 April 1992, Keating visited Kokoda in

5992-504: The Fund's participating employers. The directors of UniSuper as of 2017 are: The Consultative Committee reviews and approves changes to the Trust Deed and is responsible for nominating four directors to the Board of Directors. Shareholder universities each appoint up to four members to the Consultative Committee. Half the members represent the employers, the other half represents, equally, academic staff and general staff. As at 24 March 2017,

6099-706: The Labor Party and becoming the 24th Prime Minister of Australia. Following his victory in the Labor Party leadership spill of December 1991 , Keating went on to lead the Labor Party to the 1993 federal election . Labor was returned with an increased majority in the House of Representatives , with 80 seats to the Liberal Party's 49 and the National Party's 16 seats, with two independents . Three years later, Keating again led

6206-606: The Prime Minister and Cabinet. The reserve powers and ceremonial duties of the governor-general were to be maintained. This the government proposed be put to a referendum in 1998 or 1999. Howard went on to win the 1996 election and established the Australian Constitutional Convention 1998 , which settled on a similar republican model to that proposed by Keating, which was put to the people by the Howard government in

6313-599: The Queen at Balmoral Castle and outlined his republican program, which involved a referendum for a transition to a republic by 2001, but for Australian to remain within the Commonwealth of Nations . The Republic Advisory Committee, chaired by Malcolm Turnbull of the Australian Republican Movement , submitted its report to the government on 5 October 1993 and Keating announced a working party of ministers to develop

6420-434: The Queen from citizenship and ministerial oaths and affirmations. In a 1993 election policy launch, Keating argued that Australia would be "better able to succeed in the world" with an Australian head of state and announced a committee of "eminent persons" to develop a discussion paper for transition to a republic to coincide with the 2001 centenary of Federation. Following the 1993 election, Keating announced that his vision for

6527-491: The Queen with a speech in which he spoke of a growing "national purpose" and "independence" in Australia. He was then accused by the British press of breaching protocol by putting his arm around the Queen's back. When queried about these events in Parliament on 27 February 1992, Keating launched a repudiation of Australian ties to Britain and called the Liberals "'bootlickers" and "lickspitters" and accused them of "cultural cringe to

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6634-559: The SG rate should remain at the current rate of 9.5% or make superannuation voluntary. (from 1 July) states and territories transitional rate Special rules apply in relation to employers operating " defined benefit " superannuation schemes, which are less common traditional employer funds where benefits are determined by a formula usually based on an employee's final average salary and length of service. Essentially, instead of minimum contributions, employers need to make contributions to provide

6741-585: The Transition to Retirement (TRIS) pension rules. An Australian worker who has transferred funds from their New Zealand KiwiSaver scheme into their Australian superannuation scheme, cannot access the ex-New Zealand portion of their superannuation until they reach the age of 65, regardless of their preservation age. This rule also applies to New Zealand citizens who have transferred funds from their New Zealand KiwiSaver scheme into an Australian superannuation fund. Reasonable benefit limits (RBL) were applied to limit

6848-510: The amount of retirement and termination of employment benefits that individuals may receive over their lifetime at concessional tax rates. There were two types of RBLs - a lump sum RBL and a higher pension RBL. For the financial year ending 30 June 2005, the lump sum RBL was $ 619,223 and the pension RBL was $ 1,238,440. RBLs were indexed each year in line with movements in Average Weekly Ordinary Time Earnings published by

6955-529: The assessment. On 10 July 1994, Tickner placed a 25-year ban on the bridge construction putting the marina in doubt and bringing the Chapmans close to bankruptcy. The 1995 Hindmarsh Island Royal Commission called by the Government of South Australia ultimately found that the claims had indeed been fabricated, and Tickner became the focus of criticism. In the final weeks of the Keating government, Pauline Hanson ,

7062-428: The campaign, but proposals for furthering a republic remained a backdrop to the election. Labor succeeded in winning back the electorate with a strong campaign opposing Fightback and its GST, and a promised focus on creating jobs coming out of the recession. Keating led Labor to an unexpected election victory, with an increased majority, and his "true believers" victory speech became famous. "This", remarked Keating, "Is

7169-422: The contributions from multiple individuals and invest these funds in a wide range of assets such as stocks, bonds, real estate, and more. These investments aim to generate returns and grow the fund over time. A fund which is paying a pension to a member aged 60+ has exempt pension income and pays no tax on that portion of the earnings of the fund. Its deductions for that same percentage is denied and cannot create

7276-521: The deficit to 1% of GDP by 1996–7. Unemployment remained at 11%. The current account of the balance of payments was in deficit at $ 15.4 billion and forecast to rise to $ 18 billion. Debt financing for public sector borrowing amounted to $ 20.3 billion in 1992-3 and was also projected to rise. The government had supplemented expenditure through asset sales, such as the sale of Qantas . Treasurer Dawkins resigned from Parliament in December 1993, citing

7383-472: The employees' income, and has been gradually increased. Though there is general widespread support for compulsory superannuation today, at the time of its introduction it was met with strong resistance by small business groups who were fearful of the burden associated with its implementation and its ongoing costs. In 1992, under the Keating Labor government , the compulsory employer contribution scheme became

7490-511: The field, including a large number in Cambodia and Somalia. Foreign Minister Gareth Evans had taken a leading role in the organisation of a peace settlement for Cambodia in the aftermath of the genocidal regime of Pol Pot and Australia contributed the force commander. While the United Nations intervention in Cambodia was largely successful, the Somali intervention ended poorly. The following year,

7597-527: The government instead announcing the money would be put into superannuation. The Labor Party then launched a high-profile media campaign against the Coalition's GST. Keating told voters: "if you don’t understand it, don’t vote for it and if you do understand it, you’d never vote for it". Campaigning against the consumption tax dominated Keating's Election Campaign launch at the Bankstown Town Hall. Keating's cultural agenda featured less prominently in

7704-674: The government passed the Australian National Training Authority Act 1992 and Disability Discrimination Act 1992 . Unemployment reached 11.4% at the end of 1992 – the highest level since the Great Depression. The government introduced the Superannuation Guarantee in 1992 as part of a major reform package addressing Australia's retirement income policies. Since its introduction, employers have been required to make compulsory contributions to superannuation on behalf of most of their employees. This contribution

7811-473: The home, a maternity allowance, a Commonwealth Dental Health Program, the Mature Age Allowance (an early retirement scheme for unemployed disadvantaged Australians over the age of sixty), a Parenting Allowance (a payment for parents with children at home and with very little personal income), and an Additional Parenting Allowance to the partners of unemployed workers. The system of rental assistance

7918-558: The homeless rate of AUSTUDY or ABSTUDY were also made eligible for rental assistance. The Keating government also made improvements to the family benefits system, continuing a major policy of the Hawke government. In 1987, the Hawke government established benchmarks for the adequacy of maximum level family payments (i.e. payments to social security recipients and low-income working families) to ensure that they provided effective assistance to those in need. These benchmarks were set at percentages of

8025-534: The industrial changes introduced by Keating government provided trade unions "with more rights to bargain and more protection than was afforded to unions in most other nations". In addition, the Sex Discrimination Act (SDA) and Affirmative Action Act of 1986 were strengthened in 1992 by a series of amendments, with the SDA provisions extended to federal industrial awards and protections against sexual harassment in

8132-450: The merger, UniSuper had been the trustee for the SSAU. UniSuper has pursued a strategy of buying 'fortress' stocks (defensible against disruption), as well as bringing investment functions in-house, in order to achieve significant returns over time. In May 2024, due to a misconfiguration of a Google Cloud VMware Engine Private Cloud by Google operators as a result of leaving a parameter blank,

8239-588: The ministry. However she was unable to contribute as effectively as might have been expected due to controversy over the Royal Commission into the Easton affair . Following the 1993 election loss, the Liberal Opposition initially retained John Hewson as leader, but in 1994 elected the younger Alexander Downer as leader. Downer failed to make inroads against Keating and in 1995 the party turned to John Howard

8346-404: The partial sale of Telstra . He also promised to restore the prime minister's attendance at question time in parliament (which Keating had reduced in his final term). The Coalition won government in a landslide – with the Liberal Party increasing its House of Representatives seats from 49 to 75 and the National Party, led by Tim Fischer , increasing its seats, from 16 to 19, giving the coalition

8453-599: The party to the 1996 federal election , in which it was soundly defeated by the John Howard -led Liberal-National Coalition : the Liberals won 75 seats, and the National Party a further 19 to Labor's 49. Keating then resigned from Parliament on 23 April. Keating was a combative Parliamentarian. Author and journalist Peter Hartcher described him as "famed for his flair with an insult". In his earlier career as Treasurer, Keating once said of Opposition Leader John Howard, "From this day onwards Mr Howard will wear his leadership like

8560-647: The pension rate, and were therefore linked indirectly to Average Weekly Earnings. From a value of 11.9% of the combined married pension rate, the value of the Family Allowance Supplement was set to increase to 15% for children under 13 years old and to 20% for children aged between the ages of 13 and 15. These benchmarks were increased by the Keating government in 1992 and again in 1995 to reach 16.6% and 21.6%, respectively. The Keating government sold government business enterprises Qantas , CSL Limited and Commonwealth Bank . The Keating government pursued

8667-399: The seat and further denounce Keating's cultural and economic agenda in her controversial maiden speech to Parliament, saying: "We now have a situation where a type of reverse racism is applied to mainstream Australians by those who promote political correctness and those who control the various taxpayer funded 'industries' that flourish in our society servicing Aboriginals, multiculturalists and

8774-629: The seat of Blaxland for the Australian Labor Party. He went on to briefly serve as minister for Northern Australia during the final days of the Whitlam government in 1975. Keating then served an extended period in the Shadow Ministry through the period of the Fraser government , culminating in his appointment as Shadow Treasurer in January 1983. Labor, led by Bob Hawke went on to defeat Fraser at

8881-473: The subsequent 1983 federal election and Keating began a long period of service as the nation's Treasurer. Keating had no tertiary qualifications and just previously three weeks experience as a minister. Despite this, Keating oversaw a number of important transitions in the Australian economy, including the floating of the Australian dollar and program of deregulation of the Australian economy: including privatisation of assets and reductions in tariffs. He formed

8988-467: The superannuation fund at a "contributions tax" rate of 15%, which is regarded as "concessional" rate. For individuals who earn more than $ 250,000, the contributions tax is levied at 30%. "Post-tax" contributions are also referred to as "after-tax" contributions, "non-concessional" contributions or as "undeducted" contributions. These contributions are made from money on which income tax or contributions tax has already been paid, and typically no further tax

9095-461: The superannuation fund. In addition, where an investment is sold, capital gains tax is payable by the superannuation fund at 15%. Much like the discount available to individuals and other trusts, a superannuation fund can claim a capital gains tax discount where the investment has been owned for at least 12 months. The discount applicable to superannuation fund is 33%, reducing the effective capital gains tax from 15% to 10%. Superannuation funds pool

9202-450: The superannuation guarantee (SG) rules. The arrangement offers a benefit to the employee because the amount so sacrificed does not form part of the taxable income of the employee. For some purposes, however, such contributions are called "reportable superannuation contributions", and for those purposes they are counted back as a benefit of the employee, such as for calculation of "income for Medicare levy surcharge purposes". To be valid,

9309-408: The sweetest victory of all". A poorly performing economy, republicanism, indigenous title to land, and industrial relations policy were major issues of the Keating government's second term. In July 1993, a budget deficit for 1992-3 was disclosed at $ 14.6 billion. Treasurer Dawkins outlined a 1993–1994 budget projection for a $ 16.8 billion deficit (3.8% of GDP) but promised to bring down

9416-402: The undemocratic Suharto government and events like the 1991 Dili massacre , contributed to a large degree of popular disapproval of closer defence ties to Indonesia, nevertheless, Keating announced the conclusion of a security agreement with Jakarta in 1995. Opposition Leader Alexander Downer criticised the government for negotiating the security treaty in secret. Most commentators believed

9523-557: The universities have representation on the Consultative Committee. UniSuper has been granted a MySuper authority, enabling it to continue to receive default superannuation contributions from 1 January 2014. UniSuper was founded in October 2000, as a result of a merger between the Superannuation Scheme for Australian Universities (SSAU) and the Tertiary Education Superannuation Scheme (TESS). Prior to

9630-478: The whole year have a tax rate of 0%. These taxes contribute over $ 6 billion in annual government revenue. Superannuation is a tax-advantaged method of saving as the 15% tax rate on contributions is lower than the rate an employee would have paid if they received the money as income. The federal government announced in its 2006/07 budget that from 1 July 2007, Australians over the age of 60 will face no taxes on withdrawing monies out of their superannuation fund if it

9737-480: The workplace extended. A number of adjustments were made to the social wage during Keating's five years in office. These included the introduction of the Earnings Credit Scheme, which enabled pensioners to earn extra income without losing their pension payments, a nonincome-tested Child Care Cash Rebate and a Home Child Care Allowance, the latter of which was paid directly to full-time carers of children in

9844-630: Was 9% from 2002-03 to 2013-14 when the Rudd-Gillard Labor government passed legislation to increase SG contributions slowly to 12% starting on 1 July 2015 and ending on 1 July 2019. However, the succeeding Abbott Liberal government deferred starting this planned increase by six years, to 1 July 2021. The SG was 9.5% of employee earnings in 1 July 2014, and after 30 June 2021 increased by 0.5% each year until it reaches 12% in 2025. Initially, superannuation accounts were considered an employer matter but over time have evolved considerably. Superannaution

9951-605: Was Australia's first national native title legislation. Six months after the Mabo decision, Keating delivered his Redfern Park Speech to launch the International Year for the World's Indigenous People . Written by Keating's advisor Don Watson , it articulated the philosophical backdrop to the Keating government's subsequent Native Title Act 1993 and Land Fund and Indigenous Land Corporation (ATSIC Amendment) Act 1995 , which amended

10058-427: Was a "three pillars" approach to retirement income: The compulsory employer contributions were branded "Superannuation Guarantee" (SG) contributions. The Keating Labor government had also intended for a compulsory employee contribution beginning in 1997-98, with employee contributions beginning at 1%, then rising to 2% in 1998-99 and reaching 3% in 1999-2000. However this planned compulsory 3% employee contribution

10165-720: Was active in developing the United Nations peace plan for Cambodia, concluding the Chemical Weapons Convention , founding the Asia Pacific Economic Cooperation (APEC) forum and the ASEAN Regional Forum (ARF), as well as initiating the Canberra Commission on the Elimination of Nuclear Weapons . Keating chose Indonesia as his first international visit as prime minister. President Suharto

10272-584: Was also seeking closer ties, but the Australia-Indonesia relationship remained complicated by the East Timor situation, including the violent repression of East Timorese independence supporters in Dili in 1992 . Keating lobbied various Asian nations and the United States to push for the development of APEC (established in 1989) as a regional forum for heads of government meetings to further economic co-operation in

10379-451: Was cancelled by the Howard Liberal government when it took office in 1996. The employer SG contribution was allowed to continue to rise to 9%, which it did in 2002-03. The Howard government also limited employer SG contributions from 1 July 2002 to an employee's ordinary time earnings (OTE), which includes wages and salaries , as well as bonuses, commissions, shift loading and casual loadings, but does not include overtime paid. The SG rate

10486-587: Was established by Michael Kirby to counter the republican movement. Republicanism was however to become a key goal of Keating's cultural agenda for Australia. With the House of Windsor suffering its 1992 annus horribilis , the republican cause became widely supported in the nation's newspapers, but Keating's comments about the flag and Britain's war record outraged groups like the Returned Services League (RSL), whose membership still consisted of veterans of

10593-548: Was later rejected by other elders and leading to the Hindmarsh Island bridge controversy . Minister for Aboriginal Affairs, Robert Tickner issued an emergency declaration blocking work on the bridge, and then appointed a lawyer, Professor Cheryl Saunders , to report on the significant Aboriginal sites. As a part of this process some of these cultural secrets were written down and sealed in two envelopes marked Confidential: to be read by women only and forwarded to Tickner with

10700-649: Was like "being flogged by a wet lettuce". After succeeding from Hawke as Labor leader and prime minister, Keating reshuffled the Cabinet. Dawkins replaced Ralph Willis as Treasurer. In 1991 Australia was in the midst of a prolonged economic recession, with eight-quarters of declining economic growth. In response to these economic conditions, Keating announced the One Nation economic program in February 1992. Throughout his first year in office, unemployment continued to rise and with it government expenditure on welfare. In response,

10807-406: Was made from "pre-tax" or "post-tax" money. "Pre-tax" contributions are contributions on which no income tax has been paid at time of contribution, and are also known as "before-tax" contributions or as "concessional" contributions. They are mainly compulsory employer SG ("Superannuation Guarantee", see above) contributions and additional salary sacrifice contributions. These contributions are taxed by

10914-466: Was made more generous, with the maximum rates of Rent Assistance rates increased in real terms between March 1993 and September 1994 by 138.9% for families with three or more children, by 109.2% for families with one or two children, by 90.5% for single recipients without children, and by 79.5 for couples without children. These increased rates were protected by inflation as the rates had been indexed twice yearly from March 1991 onwards. Students in receipt of

11021-600: Was originally set at 3% of the employees' income, and has been incrementally increased. A landmark workfare scheme known as Working Nation was implemented with the intention of providing work and training for the long-term unemployed, while the Industrial Relations Reform Act 1993 created a set of minimum entitlements in the workplace, relating to equal remuneration for work of equal value, unpaid parental leave, termination of employment (including unfair dismissal), and minimum wages. According to Bill Kelty ,

11128-485: Was projecting a small budget surplus. Following the election, an $ 8 billion deficit was confirmed. In his 18 February 1996 Policy Launch Speech, Opposition Leader John Howard emphasised that Labor had been in office a long time, and cited high inflation, a poor current account deficit and high national debt as evidence of bad economic management. He called for industrial relations reform and proposed an increased spending on environmental challenges, to be in part funded by

11235-400: Was supposed to increase to 10% on 1 July 2018; and then increase by 0.5% each year until it reached 12% on 1 July 2022. The 2014 federal budget deferred the proposed 2018 SG rate increases by 3 years, with the 9.5% rate remaining until 30 June 2021, and is set to have five annual increases, where the SG rate will increase to 12% by July 2025. However, there have been lobbying that suggests that

11342-468: Was the inclusion of a Goods and Services Tax. In its 1992 One Nation Policy, The Keating government responded by promising to match the income tax proposals contained within Fightback! , but promising no GST. To demonstrate strength of intent, Keating promised two rounds of income tax cuts, legislating them and describing them as "L-A-W law". However, the tax cut law was repealed following the election, with

11449-437: Was we who did the dispossessing. We took the traditional lands and smashed the traditional way of life. We brought the disasters. The alcohol. We committed the murders. We took the children from their mothers. We practised discrimination and exclusion. In 1994, a group of Ngarrindjeri women claimed that a bridge development was being constructed at a sacred Aboriginal site for "secret women's business". The veracity of these claims

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