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Aussie savings scheme not so super

Australia's compulsory superannuation system is often held up as a shining example of how to make people save. Statistics released yesterday though show it might not be as good as its supporters say.

Tuesday, September 18th 2001, 2:52AM

The Australian Bureau of Statistics said in a report, Superannuation: Coverage and Financial Characteristics, Australia, that one in six workers aged between 25 and 54 have no superannuation.

It also found that 27% of people still working between the ages of 55 and 69 had no super.

The report describes how Australians over the age of 15 were preparing for retirement through super.

It said that 82% of the people who had not yet retired had accrued some super assets and had some form of contributions.

The remainder had accrued some super assets but no contributions were currently being made.

The report also found that 78 per cent of working men had super, compared with 71 per cent of working women.

The median super balance for males was $13,400 compared with $6,400 for females.

« Govt's Superfund dead on arrivalAMP & Good Returns launch superannuation website »

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ANZ 5.64 4.75 4.85 4.99
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ASB Bank Special - 4.25 4.29 4.34
BankDirect 5.65 4.69 4.75 4.89
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BNZ - Mortgage One 6.30 - - -
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Credit Union Baywide 5.95 4.99 4.99 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
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First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.60 4.85 4.90 -
Housing NZ Corp 5.55 4.69 4.75 4.89
HSBC Premier 5.75 4.19 4.19 4.49
HSBC Premier LVR > 80% - - - -
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HSBC Special - - - -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.45 4.70 4.75 4.49
Kiwibank - Capped - - - -
Kiwibank - Offset 5.50 - - -
Kiwibank Special - 4.19 4.29 -
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.10 4.85 4.99 -
NZ Home Loans 5.85 4.69 4.75 4.49
NZ Home Loans - Specials - - - -
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NZ Home Loans - Specials - 4.19 4.29 4.34
Perpetual Trust 7.70 - - -
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Westpac 5.75 4.79 4.85 4.99
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Median 5.75 4.69 4.75 4.89

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