Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 41

Keating’s margin notes on the start of national super

If you missed the second episode of Kerry O’Brien’s interviews with Paul Keating, it is still on ABC TV’s iview for a few more days, here. Well worth watching this insight into political power.

There’s a fascinating moment shortly after the start. The camera pans through the back room of Keating’s office, and shows him at work on a computer, reading a scanned newspaper. Kerry O’Brien says:

“Particularly revealing are his often candid notes handwritten in the margins at the time. He has a meticulous archive of more than 10,000 newspaper articles going back to the 1970s, collected personally week by week.”

The camera then focusses on a particular newspaper, The Australian Financial Review of Thursday 5 September 1985. It is stamped, ‘PJ Keating personal collection’. The headline on the lead story says, ‘Accord ... but costly’, written by Gerard Noonan. The opening paragraph of the lead article is:

“Not without some significant short term pain, the Australian Council of Trade Unions has scored a major coup in gaining - almost overnight - superannuation coverage for all wage and salary earners.”

And in the top right corner of the page, written in Paul Keating’s elegant handwriting, it says:

“The beginning of national super”

So there’s as good a record as any, from the father of modern superannuation. The historic date is 4 September 1985, not seven years later when the national superannuation guarantee started.

(Paul Keating wrote three articles on superannuation for Cuffelinks, listed here).

http://cuffelinks.com.au/where-did-smsfs-come-from-and-where-are-they-going/

http://cuffelinks.com.au/dividend-imputation-and-superannuation-are-worth-fighting-for/

http://cuffelinks.com.au/living-longer-and-superannuation/

 

5 Comments
Graham Hand
November 22, 2013

Exactly my point, Jimbo. You say national super started 1992, Keating says 1985. I say Keating is a greater authority on this. Who said anything about the Superannuation Guarantee?

Jezzi
November 22, 2013

What good eyesight you have to discern the handwritten note made by the ‘father of Australian superannuation’ on his baby’s birth notice.

Jimbo
November 21, 2013

I do not understand the point of this article. The legislation start date was 1992. Clearly it would take many years of planning and trying to get it through parliament before the legislation was enacted. Is this surprising?

Harry Chemay
November 22, 2013

Actually Jimbo the reference to September 1985 was to the National Wage Case claim made by the ACTU (under the leadership of by Bill Kelty) to the then Conciliation and Arbitration Commission.

These 'Accords' with the then Treasurer Keating paved the way for the introduction of the Occupational Superannuation Standards Act 1987 which extended super coverage from a select few (public sector employees and certain corporate employees) to the unionised workforce.

The OSSA was in turn superseded by the Superannuation Guarantee (Administration) Act 1992 which heralded the arrival of 'universal superannuation' for (almost) all employees.

Steve Schubert
November 22, 2013

Actually Harry, OSSA and the SG Act were completely different. Before OSSA, super was regulated under the Tax Act. OSSA was the first attempt to separate prudential regulation from the ATO which is primarily interested in protecting the integrity of the tax system. This ultimately led to APRA.
The SG Act was intended to improve on the extension of super which came out of that National Wage case. Before the 1985 changes, super was most common in the public sector, many large employers (especially white collar workers) and some unionised industries (eg Coal, Seafarers, Stevedores, TWU, and, from 1984, Building and Construction). The 1985 Wage case extended this through a number of Awards but the system was not yet truly national as some workers weren't covered by Awards and not all employers fully complied with Awards. Keating knew that his vision of truly National Super could not be completed through the Award system alone and finished the job with the Super guarantee.

 

Leave a Comment:

banner

Most viewed in recent weeks

16 ASX stocks to buy and hold forever, updated

This time last year, I highlighted 16 ASX stocks that investors could own indefinitely. One year on, I look at whether there should be any changes to the list of stocks as well as which companies are worth buying now. 

2025-26 super thresholds – key changes and implications

The ABS recently released figures which are used to determine key superannuation rates and thresholds that will apply from 1 July 2025. This outlines the rates and thresholds that are changing and those that aren’t.  

Is Gen X ready for retirement?

With the arrival of the new year, the first members of ‘Generation X’ turned 60, marking the start of the MTV generation’s collective journey towards retirement. Are Gen Xers and our retirement system ready for the transition?

Why the $5.4 trillion wealth transfer is a generational tragedy

The intergenerational wealth transfer, largely driven by a housing boom, exacerbates economic inequality, stifles productivity, and impedes social mobility. Solutions lie in addressing the housing problem, not taxing wealth.

What Warren Buffett isn’t saying speaks volumes

Warren Buffett's annual shareholder letter has been fixture for avid investors for decades. In his latest letter, Buffett is reticent on many key topics, but his actions rather than words are sending clear signals to investors.

The 2025 Australian Federal election – implications for investors

With an election due by 17 May, we are effectively in campaign mode with the Government announcing numerous spending promises since January and the Coalition often matching them. Here's what the election means for investors.

Sponsors

Alliances

© 2025 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.