Compulsory super won’t help national savings

An increase in mandatory superannuation contributions to 15 per cent of salary would not help Australians in their retirement, Axa Asia Pacific chief executive Les Owen said. Owen said Australians should put their money into tangible savings rather than building up their super which, he said, went towards paying off debt at retirement. Owen said there was no evidence compulsory superannuation has had any positive impact on the nation's savings ratio, and that compulsory super simply displaced other savings.