Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Register

18 September 2025

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:
Firstlinks is sponsored by:
banner

Most viewed in recent weeks

Maybe it’s time to consider taxing the family home

Australia could unlock smarter investment and greater equity by reforming housing tax concessions. Rethinking exemptions on the family home could benefit most Australians, especially renters and owners of modest homes.

Supercharging the ‘4% rule’ to ensure a richer retirement

The creator of the 4% rule for retirement withdrawals, Bill Bengen, has written a new book outlining fresh strategies to outlive your money, including holding fewer stocks in early retirement before increasing allocations.

Simple maths says the AI investment boom ends badly

This AI cycle feels less like a revolution and more like a rerun. Just like fibre in 2000, shale in 2014, and cannabis in 2019, the technology or product is real but the capital cycle will be brutal. Investors beware.

Why we should follow Canada and cut migration

An explosion in low-skilled migration to Australia has depressed wages, killed productivity, and cut rental vacancy rates to near decades-lows. It’s time both sides of politics addressed the issue.

Are franking credits worth pursuing?

Are franking credits factored into share prices? The data suggests they're probably not, and there are certain types of stocks that offer higher franking credits as well as the prospect for higher returns.

Are LICs licked?

LICs are continuing to struggle with large discounts and frustrated investors are wondering whether it’s worth holding onto them. This explains why the next 6-12 months will be make or break for many LICs.

Latest Updates

A nation of landlords and fund managers

Super and housing dwarf every other asset class in Australia, and they’ve both become too big to fail. Can they continue to grow at current rates, and if so, what are the implications for the economy, work and markets?

Economy

The hidden property empire of Australia’s politicians

With rising home prices and falling affordability, political leaders preach reform. But asset disclosures show many are heavily invested in property - raising doubts about whose interests housing policy really protects.

Retirement

Retiring debt-free may not be the best strategy

Retiring with debt may have advantages. Maintaining a mortgage on the family home can provide a line of credit in retirement for flexibility, extra income, and a DIY reverse mortgage strategy.

Shares

Why the ASX is losing Its best companies

The ASX is shrinking not by accident, but by design. A governance model that rewards detachment over ownership is driving capital into private hands and weakening public markets.

Investment strategies

3 reasons the party in big tech stocks may be over

The AI boom has sparked investor euphoria, but under the surface, US big tech is showing cracks - slowing growth, surging capex, and fading dominance signal it's time to question conventional tech optimism.

Investment strategies

Resilience is the new alpha

Trade is now a strategic weapon, reshaping the investment landscape. In this environment, resilient companies - those capable of absorbing shocks and defending margins - are best positioned to outperform.

Shares

The DNA of long-term compounding machines

The next generation of wealth creation is likely to emerge from founder influenced firms that combine scalable models with long-term alignment. Four signs can alert investors to these companies before the crowds.

Sponsors

Alliances

Site Map

About Firstlinks

© 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.