Keating: You may have to 'eat your house' with a reverse mortgage if super rate doesn't rise | 7.30

Former prime minister Paul Keating has been Australia's leading champion of compulsory superannuation as the central means of funding retirement.
From next year the amount of money that will go into your superannuation is set to increase. It's already law actually - it'll go from the current 9.5% to 10% in July next year, then up to 12% by 2025.
But the Morrison Government isn't sure it wants to proceed and that could set up a row with Labor going into the next election about take-home pay versus retirement incomes.
Leigh Sales interviews Paul Keating.
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[@mishham6388]

im only 34 but i wish we had more people like this in poltics rather than the muppets we curremtly have. Australia owes you alot Mr.Keating

[@adrianprice7959]

Here here

[@Geebee238]

Was the greatest we've had

[@mishham6388]

@@Geebee238 I dunno Hawke was pretty good but haha.... arguably keating did more for the country with banking reforms and super but i definatly feel ya !

[@Geebee238]

@@mishham6388 you are right about Bob, both formidable opponents.

[@mishham6388]

@@Geebee238 If im honest id take P Dawg Paul Keating the Big Bad Bobby Hawke haha tbh i wish either of them was in charge atm ....R.I.P Big Bad Bobby Hawke ya ledgend !!

[@johnmasia6577]

I am very thankful to Paul Keating for his implementation of universal super. Having now retired I can now enjoy the benefit of my savings over the years. I think that we could and should increase the super contribution rate and then use the superannuation funds to buy significant control in as many Australian companies as possible, thereby giving workers a defacto ownership in the places they work. This would have motivated me more than a profit motive that only benefits the ownership and managerial classes.

[@petersmith8134]

@Don Martin How about they not give you any money or a hospital bed when your 70?

[@josephj6521]

@Don Martin I think you need an education.

[@tkps]

Great minds and all that. I was just thinking that on the drive home today. All super should be invested in Aussie property and businesses and it should be increased and not be allowed to be 'got at' for the littlest thing. Granted Covid was a good enough reason but the only reason house prices have remained too high is due to the Libs giving too many tax concessions to home investors instead of home ownership. Wages have not kept pace with prices. When Labor tried to tinker with the negative gearing I heard the screams of the wealthy from here. It's almost like they don't want EVERYONE to do well, just some.

[@joydoe7938]

Or join future super and invest in renewables

[@mofo78536]

Plus worker ownership via superannuation means that Australian companies will have to be somewhat accountable to the Australian public as well.

[@robertdowney3699]

it's like a mother defending her children. He is rightfully proud of hi achievements, and doesn't want them gutted. Well done Paul.

[@StrangeLoops4]

So true, he's done a great job and is leaving Australia with an incredible legacy.

[@sjdtmv]

And no child will live in Poverty.... lol

[@boogle785]

@@sjdtmv just imagine if Australia did NOT have a trillion dollar wealth fund. Imagine THAT !!!!!!

[@Coolsomeone234]

@@sjdtmv that's what Bob Hawke said not Keating

[@shaughanabbott4944]

Keating must be in his 70's now and he is still as sharp as a tack. He hasn't lost his ability to cut people down with just a few words!

[@beepthecommuter1646]

He’s closer to 80 actually

[@terrygibson7143]

@@beepthecommuter1646 Born January 1944, which would make him 77 at the moment...

[@adamcharming]

Honestly Keeting is making a great argument here, he's articulate and clear that the working class are being screwed over by the current government. It's making me impassioned about super which is something I never thought I'd feel

[@newsmashups5989]

Hes the one that floated the dollar in New York Stock Exchange, hes the criminal that was at the beginning of the problem.

[@brettjames9088]

Passionate about super? 1. Super costs the tax payer 1% of GDP / annum MORE than paying everyone the pension. This is projected out until 2055. This cost is via tax concessions. 2. 99% of said concessions were paid to people with assets of $1million or more. That is: Super costs us more than the pension by a full 1% of GDP so we can give millionaires a tax break. It will never "replace" the pension whilst it is costing more than the pension. Lifting super to 12% will actively increase the rich poor divide and weaken Australian budgets decades into the future. All the above is facts reported in recent federal treasury report. 3. Henry review, amongst others, all agree that the super costs are paid for by lower take home wages. 4. Super companies are spending your money on: Donations to unions Donations to political parties Advertisement Media publications (The new daily - owned and ran by super companies) Financial planners kept on retainer whose advice most neither want nor use, to give financial advice to others 5. Super fees are ridiculous. $2000 a year to give them $10,000? 6. Government could legislate to take the money whenever they choose, leaving you nothing. (See Argentina) 7. There is absolutely no garuntee you will not loose all your money in super. Fact. There are laws against making predictions on earnings without qualifying this. 8. The whole premise works on a belief that: (a) Super companies can do a better job investing than you can (b) that you, personally, not some global collective, cannot save money 9. Its a crude argument, but it is "your money!" Who the hell are government to tell you when you can get money paid directly to you? If people want to put their money in super, Great! If people don't because they have kids, school fees, car loans, student loans, home loans, groceries, utility bills etc etc, then they shouldn't have to! Finally, it's economically stupid. If you can pay off a house, that is a far greater investment in your future than super any day. Even at 2.5% interest, that's roughly $800 a month interest your paying down on a $500k mortgage. How the hell can super hope to beat paying that interest off, say, even 5 years sooner, let alone 10 or more? Then at the end of it, you most likely have an asset that has been appreciating as quick as the super without any fees and without another 5 years of interest repayments. Or even worse, stuck paying rent for the rest of your life. Super is a slush fund for unionists and financial services professionals and a massive tax write off for millionaires. It does some good out of luck, not by design. Edit: to be fair to Keating, his setup of the system has long since been transformed into the ineffective setup you see today.

[@newsmashups5989]

@@brettjames9088 The RBA has cost you all your country. And people dont see what using someone else Bill of Exchange has done to them.

[@newsmashups5989]

You can play the fake dollar game, or you can realise its a BILL OF EXCHANGE and you need to transfer that bill owned by the RBA into value. You are not the bill grantor, or the recipiant of the bill. If you cannot comprehend this. Then you are contributing to SELLING OUT YOUR VERY OWN COUNTRY.

[@brettjames9088]

@@newsmashups5989 We work inside a fiat, floated dollar economy for better or worse. Lamenting the lack of real value in currency and getting worked up about monetary systems will just lead to frustration. I think you would be surprised about how many people know about such things, but you can bury your head in the sand and whinge or get on with it. Most people choose the latter. Have a good one.

[@Macconator2010]

Still sharp. Straight up facts from Paul.

[@kureboy8782]

@Don Martin He did some good things in his day but went off the rails with the China thing.

[@bartholomewchuzzlewit4356]

@UC0l6H5UlofzWD0fz7Y5dz_A Would you say that you could go head to head on fiscal policies against him and outshine him? The simple fact is that the great majority of people cannot manage money. They get a pay rise, the first thing that comes into their head is 'where can I spend it, not where can I invest it for later.' Other species put food away for later when they know that there will be a shortsage.....not us. Like him or not, he knows his 'stuff' when the $ is involved.

[@patrickmazza1]

Labor post-Keating - Latham/Rudd/Gillard/Rudd/Shorten/Albanese - OMG.

[@bartholomewchuzzlewit4356]

@@patrickmazza1 yes I agree. .scary to think about it. Keating comes across as arrogant, but he knows his stuff. His successors ...aaahh??

[@BenState]

@@kureboy8782 no he didnt

[@nchalp6631]

We need a leader like Keating again! Smart, sharp and for the people not corporations!

[@nelsonstewart5999]

@Jim Bob Yeah, we need someone who is dumb, blunt, and for the corporations, not the people! I agree with Jim Bob!

[@scotty18192]

Reminder $8 a week over a 48 year working life at 5% compound interest is $78,219 in your pocket more for retirement $58,251 of which is pure interest That's money the Liberals don't want you to have for retirement because they want corporations to pad their profits. That's the cost of voting Liberal.

[@AlienLivesMatter]

Por que no dos? The for and the against sides have both failed.

[@josephj6521]

Well said Scotty.

[@kaneo6162]

Tax in, fees during and tax out. You get capital back, if you're in Santa's Good books. Thanks for the loan. Sucker. OPM Holdings.

[@sammaimas155]

The liberal national coalition would much rather you spend that $8 on a couple of coffees than increase your superannuation i.e. your financial independence at retirement. And then they will pit the millennials against the boomers to achieve their goals.

[@chasindigo]

@@sammaimas155 well they have effectively lost the millennial vote and unlikely to get it back. LNP living off old votes.

[@sarcasmo57]

We really have to give workers a break... The rich are taking the piss.

[@josephj6521]

Sales of the ABC is cringeworthy. Trying to slam superannuation at every opportunity and Keating had an answer to all her assaults.

[@chasindigo]

@Review Master if you got an extra 9.5% in your pay check when on 50k a year I doubt you would ever save for retirement. That is why compulsory saving is effective.

[@SkippySailor]

@@josephj6521 devil's advocate to present the arguments which some may make towards what Keating is saying

[@edwardnoble7835]

@Review Master it's genius, takes pressure off the public sector in the form of pensions, stimulates the stock market and therefore the economy AND it provides tax free investment to every Australian. It's a net benefit to our society. Not to mention it creates a massive publicly owned investment fund owned and controlled by the people, not just the wealthy class.

[@limlwl]

So when is the TAX THE RICH ACT coming?!??

[@melissataylor1865]

We actually have three major assets left in Australia - Iron ore, super and Paul Keating. He had grounded intelligence, strong convictions based on that intelligence and is bold enough to make decisions in the public’s best interests. Even now he is a beacon of sound fiscal reason

[@BatesonBen]

Great call

[@Heath-Gallagher]

true,paul keating sold all the others off...oh by the way,did you know he privatised a company called CSL? it used to make vaccines!

[@meninatym435]

A leader leads! Australia needs a leader like Keating

[@petersmith8134]

@Don Martin Lol, get your snout back out of the glue bottle.

[@josephj6521]

@Don Martin that worked out well in 2013 with Abbott... not!

[@meninatym435]

Don Martin , Well I suppose, a knighthood to Prince Philip and restoring the Knights and Dames honours should help with people’s retirement.

[@clubberlang589]

menin atym that’s what Self Righteous Conservatives are good at doing is go back to titles and honours all for ass kissing and snubbing there nose 👃 at you.

[@roddyoccultis4266]

Tell that to my wife. I am a leader and she refuses to let me lead around the home. Quite the the reverse. Coming, honey.

[@rickangove-bfa6318]

Smartest politician we've ever had. It's private super that's propping up houses and the stock Market

[@joydoe7938]

Smartest, yes! Greatest? No, that's Gough, he was a visionary. Funny how the Labor PMs are the best we've had.

[@BTBSean0]

@Review Master Give us an Example of good LNP POLICY ...NAME 1

[@thecharlieindex]

@@BTBSean0 you're gonna be waiting a while for a response there haha

[@rickangove-bfa6318]

You name me 5 things Howard done and I'll name you 1 that Keating done that dwarfs them

[@joydoe7938]

@Review Master Keating reduced the toll that pensions would have on the budget, spending improves the economy, globalisation has allowed small Australian businesses to obtain cheaper materials to be affordable for the working class thus creating more business and spending. We should manufacture innovation not out of date technologies that will become cheaper and obsolete. Shorten wanted to invest in manufacturing of electric cars, renewables and environmental technologies to stay ahead of the pack. Our population growth is stagnant, we need to grow the economy in different ways and this was Keatings plan for economic growth. More people spending rather than saving, less toll on the budget, cheaper products for Australians and innovative jobs.

[@patrickcarlin3015]

Love this guy. Pulls no punches blows no smoke.... Honest St Paul.

[@patrickcarlin3015]

Remember the call he made on ''The recession we have to have''. He wasn't lying and his government wasn't responsible. He articulated the need for change like a scientist. The loss of manufacturing expertise and skill growth in this country leaves us week strategically. An economy based on real estate speculation is vulnerable.

[@holusbolus8946]

abusive and bombastic you mean. Bleating Keating

[@jacqui9263]

legend, noticed that the comments are open on this one too ABC. Keep them open on ALL your videos. It compels public discussion which is what the ABC is for.

[@eamonglavin2532]

I think they open it depending on the issue, covid related stuff I can understand why they close them since it becomes filled with nutjobs

[@shandorno6305]

They keep them open on ABC news in depth, but keep them shut in plain, old vanilla ABC. Haven't the faintest idea why, though.

[@jacqui9263]

@@shandorno6305 A few of them are closed on ABC News in-depth as well. :(

[@brettjames9088]

Agreed Jacqui, don't agree with super, but appreciate the opportunity to discuss.

[@jacqui9263]

@@ace-tv4hi Sadly, I agree. At least most of them are open on in-depth. Don't forget, however, this seems to be standard practice with almost all major news outlets such as channel 7, 9 & 10.

[@smithy2]

Poor leigh, she had no chance against Paul, he knows his stuff and knows how to play the media game

[@60-second-HACKS]

Leigh would have been delighted. She was just asking the questions that he needed and wanted to answer.

[@beagle7622]

Keating & Kerri O’Brien although the Liberals said they were friends, which they probably were. But those interviews were epic, there was no way O’Brien was ever going to accept a BS answer. I remember Keating stumbling over Kerri’s name on many occasions . John Howard would not go near O’Brien, he was scared of him.

[@davidh6300]

I miss Keating's verbal wit and ability to take people down.

[@smithy2]

@@davidh6300 haha except when he took Hawke down... bastard 😉

[@motaltockery5191]

@@davidh6300 I-miss my cat...

[@mrfreddyfudpucker2185]

A true statesman. Playing the game but takes the audience on a journey of understanding. Unlike his contemporaries who treat the punters like imbeciles who can't understand anything more nuanced than 3 word slogans.

[@will1964]

As a non-Australian living in Oz, all I can say is that man is the first politician I've seen who does not talk nonsense. I'm always shocked that so many smart Ozzys get so easily whipped up buy average politicians and a lopsided media bias, Look at the calibre of politician that run the country, you wouldn't say the brightest or the best the country has to offer are in charge.

[@ThexBorg]

This man gave Australians a $3 trillion collective nest egg. The Liberal Party want to gift control of that to corporations. And hike fees on holding the funds in return for favourable election campaigns.

[@ThexBorg]

@Don Martin so you’re happy that corporate Australia wants to siphon out your superannuation for their profit instead of investing it back into Australia? 1 percent of a trillion is a billion... why not use the billion for infrastructure or aged care or renewables? That’s what I’m talking about. But instead the Liberals want to siphon it out to their business friends and give our money to shareholders.

[@ripme6616]

They can't see the forest from the trees

[@ripme6616]

And then they are going to hate me for not taking the same jab they do

[@ThexBorg]

@Proper Yah got me.... it's 10 billion... :)

[@gore1089]

The Liberal government the Corpocracy and their media have destroyed this country in 10 years. It took 40 years to destroy the US middle class.. These guys have achieved it in 10...well done.. Of course..all this would not be possible without a gullible and easily manipulated .. and now almost totally disempowered population.

[@zappy7393]

Also goes to show how important Kevin Rudds commission request into media in Australia is.

[@rosehill9537]

Agreed!!

[@landcruiserfan4206]

I was glad to see that Keating referred to Rudd's commision in this interview

[@54FLEX45]

I don't agree. There's just as much rubbish that comes out of the ABC, even if Paul is 100% on the money here IMO. You can't censor media, where do you stop? Who decides? You need to encourage people to ingest more information and make informed decisions.

[@rosehill9537]

@@54FLEX45 issue is the lnp have held the funding of the abc hostage while claiming bias. The abc has become another voice for the lnp. Murdoch has the lions share of media esp in places like qld. U can't consume variety if they are just reprinting each other or sharing the same views. Lnp get more postive air time if u hear of labor it usually a negatively spun story. The recent report on the plight of the great barrier reef that said climate change is killing the GBR. That vital reporting saw next to zero coverage here in Australia but made headlines overseas. That's censorship! Thats the issue.

[@54FLEX45]

@@rosehill9537 Please tell me of all the conservative guests on the ABC. Voice of the LNP? You're simply an ideologue if you think so, which means you only have interest in opinions from one side of the spectrum. Ignorant.

[@jedics1]

Keating is the only politician I have ever had time for and with this interview my opinion remains the same...

[@tomhoulihan8285]

Two great achievments by hawke & keating, Medicare & Super god I wish we had more politicians like these men!

[@bartholomewchuzzlewit4356]

In my younger days I couldn't have a bar of Keating, now I am older and understand life a bit more, it is good to listen to someone who says it how it is and knows what makes the world tick. The simple fact is that the majority of people cannot manage money orva condom for that matter. When AI takes a lot of jobs, unless the government tax robots, Australia will be in trouble . China have already crippled us. If I had to point the finger at anyone, Freddie Mercury with his song " I want it all and I want it now " The dickheads took him seriously.

[@mofo78536]

I think the main thing is that both negative freedom and positive freedom is something to strive for. We shouldn't have too many fences that we can't live our life properly, but with some guardrails we can be more confident to try out newer things and to grow faster.

[@royaldecreeforthechurchofm8409]

China crippled us? Almost all our trade goes to china.

[@bartholomewchuzzlewit4356]

@@royaldecreeforthechurchofm8409 If you took everything out of Bunnings that was made in China, you would have people walking around with no clothes on in an empty shed.

[@donkeythong4081]

Refusing our lobsters and wine isn't going to cripple our economy.

[@bartholomewchuzzlewit4356]

@@donkeythong4081 it's not just that, I don't know why anyone would deal with a country that uses slave labour camps to produce their goods?.

[@MegaVin99]

Ah if pollies only spoke so clearly today

[@BTBSean0]

I want to see PK up against Joshy from finances

[@missw.f2370]

Hahaha now that would be a great debate right there!

[@BTBSean0]

@@missw.f2370 It would be slauter .Joshy from Finances would be cut to shreds ..

[@jurategrigonis3789]

Keating would make minced meat of joshy!

[@rebeccakleine5473]

Joshua likes to give Australian taxpayers money to The Lobby and Israel. Treasonous!

[@holusbolus8946]

druggie

[@ShalomEntirety1]

Dudes always had his finger on the pulse.

[@holusbolus8946]

yeah the one that is centred on the genital appendage

[@baronvonaux8294]

Keating still sharp at 76!

[@joydoe7938]

He could be PM for another term

[@pdias8469]

Thank you Mr. Keating for your wisdom and vision and your eloquence. You could come back in the government. It’s a wish. I bet there are a lot of young citizens all wishing you to come back.

[@Element8e4]

This guy! Still an absolute Boss!

[@motaltockery5191]

Odessa SS Kutschmann would be proud his boy done good then :-(

[@Bazwalt]

In the last hour I've seen Rudd and Keating talk nothing but logic. Both are sharp minds. Why can't we have these kinds of people running our country...it's so depressing to see the middle class getting screwed over.

[@Paisly17]

He was way ahead of his time when he was the PM he is what we need now.

[@terrygibson7143]

Where are you, Albo? Why is Keating having to do the your job?

[@MarksyS387]

albo can't even come close to an awesome leader like keating, in fact, none of the current labor party candidates can

[@48tilt]

@@MarksyS387Very sad.

[@markcasey2517]

There hasn't been a leader in the Labor Party since Keating - Keating was a great orator. Kevin Rudd still reminds everyone that he was Prime Minister, what a self absorbed fool. Gillard didn't get a fair go because of the disgusting media. Shorten is just a pill and couldn't organise a BBQ. And well, as for Albo, good grief.

[@markcasey2517]

And I'm a Liberal - and I still admire Hawke and Keating. Any sound person would.

[@quicksquiz]

Keating is a legend. No bs, just straight down the line and common sense.

[@ktkt9982]

So good to hear from Keating.

[@barrysrutherford]

Thanks Paul Keating. Your intellect trumps all modern day Treasurers and Prime Ministers...

[@bassoskat]

Can he run for pm again? He’s pretty direct and passionate.

[@BenState]

A missed man in public discourse.

[@lucyxx5895]

Such an intelligent man and he left school at 14. It blows my mind. 😮

[@forgetfulduck]

Fully appreciate that he is still fighting for the working people of this country. It's quite humbling to see him making the case for increasing the super to adapt it for the future needs of the majority of working Australians. Everyone needs to remember, Keating is retired and very well off. This won't affect him. BUT he's still out and about fighting for the financial future of all Australians because he realises the system needs to adapt. Seriously folks. He will be long gone when the real consequences hit and yet he still cares.

[@vietdang7952]

Keating is the real Australian for Australia

[@davidschlamowitz7208]

What a pleasure to hear from PK on this, I love listening to the way he conveys the essence so clearly and simply. And nice to see him mention that slimey puppet Costello.

[@JA-ui3gg]

A man that was never afraid to say what he thought, backed with sensible workable policy and a real love of his country and with the best in mind for Australians.

[@MrWhitmen1981]

Piss off he wants stop Adani and coal mining. As young man moving to Queensland for work on that project this person is well happy for us to work the crappy casual jobs in Labour run Victoria. Liberal party is great if you want to get real work and high pay.

[@petersmith8134]

Smartest and nicest PM Australia ever had.

[@kaneo6162]

Nice? Aren't you aware of Cameras, TV, newspapers and the filth he spewed out his mouth that was recorded in all these mediums. Nice. SMH.

[@petersmith8134]

@@kaneo6162 How long did you work for him?

[@kaneo6162]

Huh? Do you understand English? His awfulness (not being nice) is public record. In public, he was a vile mouth. Ergo, not nice.

[@petersmith8134]

@@kaneo6162 What a dork.

[@kaneo6162]

Almost a sentence. We are talking about Keating. Is he the dork? He's Australian, so not likely. Are you calling me a dork? Also, not an American. So, no. Have another try. You may achieve communication. Were you asking me, "What is a dork?" Because that seems to be the nearest meaning.

[@NurseRowee]

Superannuation is the best thing that the government have done for the Australians. But they should have paired it with a mandatory personal finance education during primary and secondary years. This may teach them good financial decision in every stages of their lives.

[@ProcrastinationStation-ld5ds]

Why can’t we have this sort of effective financial leadership and management now

[@60-second-HACKS]

But don't forget (if you're old enough), he was villified widely for that leadership. He dragged us kicking and screaming into the restructuring he led. And then we kicked him out almost as quickly as we could.

[@ybet1000]

Like a statesman... makes the current batch look .. well.. like they look like =p

[@MrMatt15]

Rudd, Turnbull, Keating; all against the Murdoch empire, it says something about the wellbeing of our media ecosystem

[@fannyalbi9040]

blame the majority gullible fools who voted popularity played by the murdoch.

[@SuperFastforward]

Mr. Keating should be called St. Keating for what he has done for every Australian with introduced superannuation . He is unfortunately not well recognised for his contribution to the welfare of an Ausie. Long live St Keating.

[@joydoe7938]

One of the best prime ministers we were privileged enough to have!

[@avengernemesis7990]

Joy Doe No he wasn't ....it was a tag team Hawke and Keating. Did not like Keating..floating the dollar and causing misery by having a recession. Mortgages were up to 16%.. Hawke brilliant mind pity he was on the wrong side of politics... However, i admire Keating greatly for bringing in super...so now have a very comfortable and easy lifestyle. I contributed extra money into my super all the time i worked for 24 years ..for that i Thank Keating.. Some of his remarks in Parliament were hilarious.."You scumbags"

[@avengernemesis7990]

@down the pitch to the spinners I do not particularly care about European situation...as i was referring to the Australian political sphere.. Germany powerful economic country..strongest country in Europe. I was born in Benelux...alas i have lived in many countries. Lived in South Africa when that country was in the vicious hand of apartheid. New Zealand...i do love those beautiful sheep and magnificent countryside , the mighty All Blacks and a country not afraid to stand up to the Americans...by being Nuclear free. Australia..a country that i love dearly and i thank God every day that i live here. Merry Christmas, stay healthy and safe. Australia 🎄🎄❤

[@avengernemesis7990]

@down the pitch to the spinners Look we had 30 years of sunshine.. Great years with Howard-Costello. I adore Josh Freidenburg...Peter Dutton. Australia with this pandemic is doing pretty well..(except for 2 Germans who came to Australia 2 days ago) nearly got away without isolating..but they were caught by security. I still think Keating was disliked by many but his abrasive style of politics was brilliant..the humour hilarious. Not bad for someone who left school aged 14.. Cheers

[@avengernemesis7990]

@tony Yes i do... It was a declaration !

[@strom56]

This guy should still be the Prime Minister

[@gizelacooke6184]

I wouldn't trust him he was one of the first people to sell us off to the Chinese.

[@gizelacooke6184]

I wouldn't trust him he was one of the first people to sell us off to the Chinese.

[@gizelacooke6184]

Now if Bob Hawk was still alive then I would vote for him because he really did believe in the workers and family.

[@questioneverything8876]

I just learnt more about superannuation in 5 mins than I have in 20yrs.

[@viviannicholson4204]

He was so sharp in parliament question time

[@LukiferX]

The man is a legend. It's a shame Australians made the mistake in 1996.

[@slawomirpalaszczuk4288]

Yes and another bigger mistake in 2008

[@bodzhar]

omg an interview where the interviewee only quotes a report instead of what they "think" or "feel" THANK YOU! haha

[@AlistairMaxwell77]

"the reverse bank" - classic keating

[@wasabinator]

Paul Keating is a national treasure

[@grimacepeppersworth9052]

Paul Keating and Chevy Chase are never in the same room.. coincidence?

[@bartholomewchuzzlewit4356]

If you can afford a Mercedes and don't drive one, your kids will. They don't put tow bars on hearses and don't stop at the bank on the way to the plot.

[@boogle785]

The way to think of this is that the superannuation funds will overtime snowball and over generations this money will grow and grow and grow even while people retire, spend and consume as the other end of the pipeline draws in greater nos it will push the lower class into the middle and also broaden the middle-class by huge nos and this is what the liberal party wants to kill. It wants the upper class to retain the highest percentage of the wealth and remain the predominant ruling component of Australian culture.

[@bartholomewchuzzlewit4356]

@@boogle785 this reminds me of the cartoon The Wizard of Id, THE KING SAID 'What news today Wizard ?' The wizard says 'We will all live better lives, the poor will live better lives and the middle class will live a better life ' 'What about us ?'"the king asked. 'We seem to be in rut' So everything changes but stays the same.

[@andrewinwood5543]

Leigh Sales Allows Keating to run the interview and insult his opposition.. He's a master..

[@kathrynbramwell3927]

The greatest politician EVER - ANYWHERE !!!

[@thesand]

Sharp as a tack

[@loretta_3843]

I was starting work after the Howard government work place changes and it hurt! Never forgotten or forgiven it.

[@cdpay73]

He's still sharper than any propagandists or the LNP

[@bennyl7224]

And smarter than Labor. It’s not the same party as it was in the 90s

[@russe19642]

Another 3 years and wages going backwards,how good is australia

[@BilalKhan-fu1qj]

Paul Keating is truly the People's Prime Minister. Australia is better, fairer because of men like him.

[@user-nf9xc7ww7m]

Here's an idea - superannuation is only supposed to supplement! Social security pension (paid via taxes - equal for all) should be pegged to a living wage and CPI.

[@Majestros]

How about let us invest it ourselves instead of inside super? First 12% before tax and any further contributions are taxed at 15%. I don't like the idea of not being in control of my own money and being forced to pay fund managers.

[@boogle785]

The reason you pay fund managers is because most individual are ignorant in knowledge, technologically uncompetitive and also time poor. Individuals cannot compete against giants regarding investment decisions. Maybe 1 in 10,000 in the long term could tread water with them and maybe 1 in a million could beat them.

[@Majestros]

@@boogle785 I don't need a fund manager and shouldn't be forced to pay one

[@andrewmeiklem5098]

God bless this man. We need more Australians calling out the LNP like paul would!

[@SL-xj3ow]

Proven wisdom comes with age, agree reserve bank are reverse bank

[@ralphthomas7868]

Makes the current crop look pathetic

[@squeek5810]

The man has some great points, regarding super.

[@michaelpage7691]

Very well explained for the every day person. I was impressed even though I voted Liberal. How stupid am I!

[@markhayes1769]

Blar Blar Blar, Labour now doesn't care about pensions with there Green energy costs and housing. Now Queensland Labour government has now doubled taxed investors in land tax for Queensland rental properties who want to have tenants.

[@TT-sw2zb]

Australian Super are not guaranteed on The contributed principal Interest earning So it is not really a old time guaranteed saving The only person that benefit from it is the high paid CEO who's salary is higher than that of PM of Australia and Preimer of each state

[@metodijaivanovski3448]

My taxi plate was my Super at 52 looking for a job 300 applications in one month no reply ,please tell me what i do now.

[@slawomirpalaszczuk4288]

Never too late to get a qualification

[@MW-ys6sb]

Thank you Keating. The last of the decent leaders. So proud of you standing up for us.. Thank you for your vision setting up this scheme that every lobby group wants to destroy for their own interests.

[@joydoe7938]

Rudd was pretty decent, he managed the economy really well. Gillard wasn't bad, just too cautious to make a decent impact. We haven't had a bad Labor leader in 50 years. Can't speak for the ones before Gough because I can't feel their impacts today but gosh we have had some great leaders.

[@slawomirpalaszczuk4288]

When i worked at Bankwest and the govt increased the super contribution to 9.5% they decreased my wage and to increase super contribution, as the argument was the overall package should not be increasing as a result of increase. The unions did nothing abou this

[@coopsnz1]

Union leaders corrupt getting richer ( socialism for ya screw middle class

[@bennyl7224]

That’s what will happen as it moves to 12%. 2024 Tax bracket adjustments will counter that so you’ll get bigger after tax take home earning same salary.

[@taylamareeee]

The introduction of super is one of the best things the government can do for the future of its people. It just makes sense to increase it

[@tccco9738]

Agree. But it should come out employees pockets not employers

[@Gator1699]

His on the Ball.

[@BH-kl2rn]

He has been retired from politics for many years, yet still has more vision on how to better run the country than the current bunch of selfish morons on both sides of politics.

[@underscore2824]

One of the greats

[@LB-ys6mq]

Why are people waiting for the government to do something, why don't people just make a 5% salary sacrifice with each pay they receive?

[@boogle785]

Because it is part of your pay, not something you have to contribute.

[@LB-ys6mq]

@@boogle785 ok but my point is if people want a higher amount in their super for when they retire, they should be taking the initiative and putting an extra 5% away each pay. Its about ownership of their own money and financial independence.

[@RhythmicEye]

Still the best politician in the country by a long way.

[@Seanype]

Best prime minister, this bloke was awesome!

[@ttrus2771]

Every Australian should watch this interview re: superannuation and real wages. Keating, in a clear and concise manner, calls out the con of the former government’s statements like “people want more of their own money in their pockets”…. completely glossing over the fact that by not increasing the super contribution that it will hurt the average Australian’s financial position in the long term, whilst ignoring the rightful expectation Australian workers should have of wage increases from productivity increases over the last decade. It’s not an either or, it’s a political con coined by unintelligent and disinterested government MP’s…. The great reforms of the 80’s will eventually be fritted away by a political class of hacks that we now have in Canberra.

[@EdgeMasterPro]

They needed to dust off Kerri O’Brien for this interview. Maybe we should dust off our old politicians be better than the spineless weasels on both sides we have now. Capital exporter. Investing abroad.

[@pspicerwensley]

It is refreshing to hear from a political person with a brain. Thanks PJK! Because of compulsory super I can retire in a modicum of comfort.

[@robdowsing3361]

76yo never voted Labor but the best thing Keating did was bring in compulsory supn.I live OK without any debt and can afford most things to enjoy my retirement😂

[@heathercostello]

Make sense

[@geofftheriddler]

He's the King Arthur of Oz - come back in our hour of need...

[@rubymones8933]

I'm thankful that I can pay 5%more in my super. It makes a big difference. I do salary sacrifice towards my super.

[@AwakeNotWoke]

This guy should be the Labor leader.... To quote the governator ... "old but not obsolete"

[@--Nath--]

Reverse mortgages don't sound that outrageous for people sitting on million dollar properties.. Let's be honest: it's unearned windfall to those who had most money for longest. And "leaving it to your kids" is not the responsibility of the tax or welfare system. The kids would be able to afford their own home if not for prioritising of the wealth transfer from young to old (which is done by having younger generation paying back big debts for HECS/HELP - something that Keating gave us! As well as racking up debt to be paid back after the older generation are gone).

[@JebusJones23]

I love this man

[@MarksyS387]

pretty thankful keating put superannuation in place. one of the best political moves for people!

[@underscore2824]

Biden won and Keating is a 1000 times smarter. Still time for you Paul. He dragged us out of a really bad recession

[@shoti66]

That’s funny because my lived experience is exactly the opposite. His “recession we had to have” destroyed my parents business from which they never recovered. Even now that suffering is intergenerational as I’m having to subsidise their living.

[@pacificbowmen7384]

So you Pay your 30 % tax and the gov builds a port with it, It then privatizes the port and your supa company buys it with your 9% supa contribution. As a private port it is mandated to make a profit, so all goods and services passing through it go up in price. So you pay yet again. And the real kick is, is that there is no guarantee that your money will be there when you turn 65.

[@generalyoutubewatching5286]

Paul Keating still the best

[@strongboy7289]

Thank goodness for Paul Keating and supernannuation. The pension is a fallback but that puts more pressure on the budget for those that are of working age especially with an aging population where 1 in 4 will be over 60.

[@chooba77]

A proper Leader

[@limlwl]

As Warren Buffet once said that the biggest single factor in his success is: COMPOUNDING INTEREST Super Saving is literally designed to for low risk investment and to Compound!