19 June 2012, 190612, ageing population, Australia’s superannuation scheme, Gerard Noonan, GFC, global financial crisis, super
Gerard Noonan explains why Australia’s superannuation scheme is a shining beacon amongst the world’s retirement schemes.
Australia’s super scheme is unlike any other in the world. Anticipating our ageing population and an unsustainable increase in pension payments, the Keating government introduced a scheme which required financial contributions from workers and employers. With generous tax concessions and 25 years under its belt, super funds are now worth over $1.4 trillion. Australians now have more money invested in managed funds per capita than any other economy.
That doesn’t mean there hasn’t been criticism. With the GFC still biting shares and Europe’s woes likely to contribute to a weakening market, many changes have been mooted by various quarters. Some are calling for more investment in local infrastructure while others are questioning whether there is an overinvestment in the sharemarket.
Gerard Noonan tells 3Q the reasons why super is well worth the investment.
28 May 2012, 280512, australian business, Australian Government, cost of living, GFC, strong economy
Q. What is the main reason you don’t think the state of the economy is good? *
|
Total |
Vote Labor |
Vote Lib/Nat |
Vote Greens |
|
| Increasing cost of living |
34% |
34% |
32% |
40% |
| Poor economic management by Government |
27% |
8% |
36% |
7% |
| Businesses are struggling |
13% |
14% |
12% |
19% |
| Increasing gap between rich and poor |
9% |
22% |
6% |
15% |
| Global financial problems |
7% |
11% |
5% |
11% |
| Incomes aren’t increasing fast enough to keep up |
7% |
11% |
7% |
– |
| Other reason |
2% |
– |
1% |
8% |
| Don’t know |
1% |
– |
1% |
– |
* Based on those who disagree that economy is good.
Those who disagreed that the economy was good said the main reasons were the increasing cost of living (34%) and poor economic management by Government (27%).
36% of respondents aged 55+ blamed poor economic management by Government while the increasing cost of living was the major factor for 43% of respondents aged 25-44.
There were no significant differences across income groups in relation to the increasing cost of living.
07 May 2012, 070512, GFC, global financial crisis, Labor Party, Liberal Party, party trust, Polling, polls
Q. If there was another Global Financial Crisis, which party would you trust most to deal with it?
|
15 Aug 11 |
Total |
Vote Labor |
Vote Lib/Nat |
Vote Greens |
|
| The Labor Party |
31% |
25% |
68% |
2% |
42% |
| The Liberal Party |
40% |
42% |
5% |
83% |
5% |
| No difference |
20% |
23% |
19% |
11% |
39% |
| Don’t know |
9% |
10% |
8% |
4% |
14% |
If there was another GFC, 42% would trust the Liberal Party more to handle it and 25% would trust the Labor Party more. This represents a shift to the Liberal Party from net +9% to net +17%
The Liberal Party was rated higher than Labor with all demographic groups. Those most likely to trust the Liberal Party more were men (47%), aged 55+ (48%), full-time workers (50%) and income over $1,600 pw (50%).
10 April 2012, 100412, budget, Budget Deficit, Budget Surplus, deficit, economic management, GFC, Polling, polls, return to surplus, surplus, tax, tax revenues, taxes
Q. The Federal Government is currently running a budget deficit, but intends to return to surplus with the budget for 2012-13 to be announced next month. Which of the following do you think has been most responsible for the deficit over the last few years?
|
Total 11/4/11 |
Total 10/4/12 |
Vote Labor |
Vote Lib/Nat |
Vote Greens |
|
| Poor economic management by the Government |
23% |
28% |
7% |
48% |
7% |
| Big companies not paying their fair share of taxes |
17% |
16% |
28% |
5% |
28% |
| Lower tax revenues because of the Global Financial Crisis |
13% |
16% |
27% |
10% |
22% |
| Spending on big projects like the National Broadband Network |
14% |
15% |
14% |
17% |
10% |
| The cost of the Government’s GFC stimulus packages |
19% |
12% |
11% |
13% |
15% |
| Don’t know |
15% |
14% |
13% |
8% |
18% |
Overall, respondents believe the main reasons for the budget deficit are poor economic management by the Government (28%), big companies not paying their fair share of taxes (16%) and lower tax revenues because of the Global Financial Crisis (16%).
Since this question was asked 12 months ago, those blaming the Government for poor economic management has increased from 23% to 28% and those blaming the cost of the Government’s GFC stimulus packages has declined from 19% to 12%.
Labor voters were most likely to blame big companies not paying their fair share of taxes (28%) and lower tax revenues because of the GFC (27%) while Liberal/National voters blame poor economic management by the Government (48%). Greens voters tended to blame big companies not paying their fair share of taxes (28%).
BER, BER program, children at school, Education, Federal Government, GFC, primary school, school, School Building Program, school children, Schools, secondary school
Q. Overall, how would you rate the Federal Government’s BER program to fund new school buildings which was introduced during the GFC?
| Total | Vote Labor | Vote Lib/Nat | Vote Greens | Total with children at school | Children at primary school | Children at secondary school | |
| Total good | 30% | 49% | 17% | 39% | 43% | 49% | 38% |
| Total poor | 31% | 10% | 50% | 18% | 27% | 27% | 26% |
| Very good | 7% | 15% | 3% | 5% | 11% | 12% | 11% |
| Good | 23% | 34% | 14% | 34% | 32% | 37% | 27% |
| Neither good nor poor | 15% | 21% | 22% | 27% | 21% | 17% | 24% |
| Poor | 15% | 8% | 20% | 13% | 12% | 12% | 11% |
| Very poor | 16% | 2% | 30% | 5% | 15% | 15% | 15% |
| Don’t know | 17% | 19% | 11% | 16% | 10% | 6% | 12% |
Respondents were divided over the Federal Government’s BER program to fund new school buildings – 30% thought it was good and 31% poor. Opinions were closely related to voting intention- 49% of Labor voters thought the program was good and 50% of Liberal/National voters thought it was poor.
Households with children at primary or secondary schools were more positive – especially those with children at primary school. 43% of all those with school children in their household and 49% of those with primary students thought it was good.
economy, Essential Report, GFC, global financial crisis, Greens, Joe Hockey, Julia Gillard, kevin rudd, Labor, leadership, Liberal, malcolm turnbull, Nationals, Polling, tony abbott
Q. If there was another global financial crisis or a recession, which of the following would be best to lead Australia?
| Total | Vote Labor | Vote Lib/Nat | Vote Greens | |
| Kevin Rudd | 24% | 34% | 13% | 37% |
| Tony Abbott | 20% | 4% | 44% | – |
| Julia Gillard | 13% | 42% | 1% | 18% |
| Malcolm Turnbull | 13% | 7% | 17% | 17% |
| Joe Hockey | 7% | 1% | 11% | 3% |
| Don’t know | 22% | 12% | 15% | 25% |
24% think Kevin Rudd would be best to lead Australia if there was another GFC and 20% favour Tony Abbott.
Among Labor voters Julia Gillard is preferred over Kevin Rudd 42% to 34%. Support for the current party leaders among their own voters is very similar – 42% of Labor voters prefer Julia Gillard and 44% of Liberal/National voters prefer Tony Abbott.
Australian economy, economy, Essential Report, GFC, global financial crisis, Government spending
Q. If the world has another GFC (Global Financial Crisis) and the Australian economy worsens, which of the following actions would be more likely to protect jobs and help the economy?
| Total | Vote Labor | Vote Lib/Nat | Vote Greens | |
| Increase Government spending on new infrastructure and services | 48% | 62% | 42% | 53% |
| Cut spending on infrastructure and services | 22% | 13% | 31% | 19% |
| Don’t know | 30% | 24% | 28% | 28% |
Respondents were more likely to want the Government to increase spending if there was another GFC. Support for increased spending was strongest among Labor voters (62%), men (55%) full-time workers (53%) and people earning over $1,600pw (55%).
Carbon Tax, Carbon Tax Compensation, economy, Essential Report, federal politics, GFC, global financial crisis, tax
Q. If the Australian economy weakens and unemployment goes up would you approve or disapprove of the Government taking the following actions?
| Total approve | Total disapprove | Strongly approve | Approve | Disapprove | Strongly disapprove | Don’t know | |
| Reduce interest rates | 79% | 11% | 32% | 47% | 8% | 3% | 11%$ |
| Cut taxes for both individuals and businesses | 61% | 25% | 16% | 45% | 21% | 4% | 14% |
| Cut taxes on low and middle income earners to help with cost of living while offsetting the revenue loss with a carbon tax on the 500 big polluters | 61% | 27% | 26% | 35% | 15% | 12% | 12% |
| Introduce a mining tax on the big miners and use the money for govt. investment in infrastructure and social spending to stimulate the economy | 58% | 26% | 24% | 34% | 16% | 10% | 16% |
| Cut taxes on lower and middle income earners to help with cost of living with no offsetting carbon tax on the 500 big polluters | 51% | 33% | 15% | 36% | 24% | 9% | 16% |
| Cut taxes and cut Government investment in infrastructure and social spending | 39% | 43% | 12% | 27% | 30% | 13% | 18% |
Actions most approved were reduce interest rates (79% approve), cut taxes for both individuals and businesses (61%) and cut taxes on low and middle income earners to help with cost of living while offsetting the revenue loss with a carbon tax on the 500 big polluters (61%).
Cutting taxes while offsetting the revenue loss with a carbon tax was more popular than not offsetting the tax cuts with a carbon tax (61% to 51%).
The only action not approved by a majority was cutting taxes and investment in infrastructure and social spending (39% approve/43% disapprove). This was approved by 48% of Liberal/National voters but only 33% of Labor voters and 27% of Greens voters.