"The purpose is not to junk super but to make it work harder for the workers,"Senator Bragg said of his proposals."The purpose is to try to get us to change direction by re-calibrating the scheme. Are workers getting a good deal? No. Is the taxpayer getting a good deal? No."
Senator Bragg also urges the Morrison government to dump the way workers are put into default funds and argues instead for a new scheme akin to the Future Fund. The fund would be a new"semi-government"default fund with low fees that outsourced the management of assets to several wholesale fund managers including the Future Fund.
"[A] simple default fund should be established ... it could collect contributions and outsource investment management to established managers like the Future Fund,"Senator Bragg said.
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Senator Bragg wants to change the First Home Super Saver Scheme to allow workers to use mandatory super contributions to buy their first home. At the moment,only extra contributions made voluntarily to super by first home buyers are able to be used,up to a maximum $30,000.
Shared retirement funds for families and increased super contributions for women would also be part of a wider goal of ensuring at least 50 per cent of retirees can be self-funded over time,reducing the reliance on the pension.
In his book,Bad Egg:How to Fix Super,Senator Bragg castigates funds for underperforming compared to the Future Fund at the same time they charge more than the government's sovereign wealth fund.