On 13 October 2009, the Minister for Financial Services, Superannuation and Corporate Law and Minister for Human Services, Chris Bowen, gave an address entitled "Sustainable Super: Building on Labor's Legacy" to the SuperRatings Conference held in Melbourne, Victoria.
The Minister noted that the interim report of the Henry Review found that a contribution rate of 9% provides for an adequate retirement income for most people. The Minister then said: "I believe that adequacy should be the minimum objective for retirement incomes. In other words, putting aside the debate over whether a 9% Superannuation Guarantee provides for an adequate retirement, we need a national discussion about whether to aim for something better than adequacy."
In relation to tax concessions for contributions, the Minister said: "Tax concessions for low and middle income earners to save through super are less than those for high income earners. The fact that the top 5% of contributors make around a quarter of all concessional contributions to superannuation - while 1.2 million people do not receive an income tax benefit on their concessional contributions - is a compelling one. So equity will also be a driving factor in our discussions about the eventual recommendations of the Henry review and the debate on adequacy more generally."
For a copy of the Minister's address, go here