Paul Keating says young Australians are guaranteed to have $3m in super by retirement – but not everyone agrees

Former PM’s claim – which relates to the super contribution rate increasing to 12% – goes further than other critics of the policy

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Paul Keating says the 12% rate of compulsory super contributions from 1 July will “guarantee” a young Australian joining the workforce today will have more than $3m in savings by the time they retire.

A statement from the former prime minister celebrating the day “the system finally matures” came with an implicit criticism of Labor’s proposal to put an extra 15% tax on earnings from super balances over $3m.

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