AUSTRALIA - Over Aus$4bn has been contributed into Australian workers' superannuation accounts, according to the government.
Peter Dutton, minister for revenue and assistant treasurer, said the figure had been reached because of the government’s doubling of Super-Co-contribution entitlements for the 2005-06 financial year.
Dutton stressed that it was important for workers in to realise the improvement in superannuation returns was the result of the government’s “strong economic management”.
In a warning to voters, Dutton said if Labor was elected, it would allow the economy to go backwards and workers’ superannuation savings could suffer.
In a separate development, Global Pensions recently reported that the superannuation fund, Sunsuper, had reported record contribution levels and another year of double digit returns in 2006 and 2007.
These numbers were bolstered by recent changes to the country’s superannuation system allowing savers to make a one off lump payment of up to $1m (US$0.9) to their fund up until 30 June 2007.
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