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The Origins of the Australian System of Superannuation

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The Origins of the Australian System of Superannuation PLEASE TYPE THE UNIVERSITY OF NEW SOUTH WALES Thesis/Dissertation Sheet Surname or Family name: Easson First name: Mary Other namejs: Louise Abbreviation for degree as given in the University calendar: M.Phil School: Australian School of Business Centre for Pensions and Superannuation Title: Present at the Creation: The Origins of the Australian System of Superannuation Abstract 350 words maximum: (PLEASE TYPE} The thesis explores the origins and development of the Australian system of superannuation, from 1983 to the mid-1990s, during the terms of the Hawke and Keating Labor Governments, and the Accords between those governments and the Australian Council of Trade Unions (ACTU), on behalf of the Australian union movement. Prior to 1983, access to superannuation was largely confined to male managerial and professional employees and was further limited in terms of eligibility, vesting and portability. In the 1970s unions began to exploit limited power in particular enterprises and industries to pursue superannuation as deferred income. The three tier Australian system evolves from this start: (i) mandatory contributions under legislation; (ii) employee supplements to retirement savings; and, (iii) a social security safety net, the universal age pension entitlement. Relentlessly pursued by the unions, generalled by ACTU Secretary Bill Kelty, from Accord Mark J in 1983, and its subsequent iterations, superannuation became an industrial right. lt may never have occurred but for the leadership of Prime Minister Bob Hawke and particularly his Treasurer, later Prime Minister, Paul Keating. The circumstances of the origin of Australia's system of compulsory superannuation were unique. A question explored and answered in the thesis is whether its origins and development were deliberate or largely accidental. The development of superannuation savings as a means of curtailing direct inflation through wages growth is also evaluated. Declaration relating to disposition of project thesis/dissertation I hereby grant to the University of New South Wales or its agents the right to archive and to make available my thesis or dissertation in whole or in part in the University libraries in all forms of media, now or here after known, subject to the provisions of the Copyright Act 1968. I retain all property rights, such as patent rights. I also retain the right to use in future works (such as articles or books) all or part of this thesis or dissertation. I also authorise University Microfilms to use the 350 word abstract of my thesis in Dissertation Abstracts International (this is applicable to doctoral theses only). ...... ..... ff!:z1..tfl! ...!Yi!w.l ....... .......... ?le/!.3... .. ~~f-..1.:, tJW'ature Witness~~ Date The University recognises that there may be exceptional circumstances requiring restrictions on copying or conditions on use. Requests for restriction for a period of up to 2 years must be made in writing. Requests for a longer period of restriction may be considered in exceptional circumstances and require the approval of the Dean of Graduate Research. FOR OFFICE USE ONLY Date of completion of requirements for Award: THIS SHEET IS TO BE GLUED TO THE INSIDE FRONT COVER OF THE THESIS ORIGINALITY STATEMENT 'I hereby declare that this submission is my own work and to the best of my knowledge it contains no materials previously published or written by another person, or substantial proportions of material which have been accepted for the award of any other degree or diploma at UNSW or any other educational institution, except where due acknowledgement is made in the thesis. Any contribution made to the research by others, with whom I have worked at UNSW or elsewhere, is explicitly acknowledged in the thesis. I also declare that the intellectual content of this thesis is the product of my own work, except to the extent that assistance from others in the project's design and conception or in style, presentation and linguistic expression is acknowledged.' Signed ..... ~o/ ... Lqlf::f.~ ........ Date ........... P../P//3 ........................... COPYRIGHT STATEMENT 'I hereby grant the University of New South Wales or its agents the right to archive and to make available my thesis or dissertation in whole or part in the University libraries in all forms of media, now or here after known, subject to the provisions of the Copyright Act 1968. I retain all proprietary rights, such as patent rights. I also retain the right to use in future works (such as articles or books) all or part of this thesis or dissertation. I also authorise University Microfilms to use the 350 word abstract of my thesis in Dissertation Abstract International (this is applicable to doctoral theses only). I have either used no substantial portions of copyright material in my thesis or I have obtained permission to use copyright material; where permission has not been granted I have applied/will apply for a partial restriction of the digital copy of my thesis or dissertation.' Signed·········~~-~···························· Date .......... 2.9.j!(?/!.~ ..................................... AUTHENTICITY STATEMENT 'I certify that the Library deposit digital copy is a direct equivalent of the final officially approved version of my thesis. No emendation of content has occurred and if there are any minor variations in formatting, they are the result of the conversion to digital format.' Signed ·············~at:f.·f.~ .............. Date ............ ...... 2..9/i.~/.!.~ ......... ·:................ Present at the Creation: The Origins of the Australian System of Superannuation – Mary Easson A Thesis for a Master of Philosophy 1 For Michael, Louise and Amanda who, when the need was greatest, proved inspiring. 2 “Thoughts are but dreams till their effects are tried.” - William Shakespeare - The Rape of Lucrece 3 Abstract: The thesis explores the origins and development of the Australian system of superannuation, from 1983 to the mid-1990s, during the terms of the Hawke and Keating Labor Governments, and the Accords between those governments and the Australian Council of Trade Unions (ACTU), on behalf of the Australian union movement. Prior to 1983, access to superannuation was largely confined to male managerial and professional employees and was further limited in terms of eligibility, vesting and portability. In the 1970s unions began to exploit limited power in particular enterprises and industries to pursue superannuation as deferred income. The three tier Australian system evolves from this start: (i) mandatory contributions under legislation; (ii) employee supplements to retirement savings; and, (iii) a social security safety net, the universal age pension entitlement. Relentlessly pursued by the unions, generalled by ACTU Secretary Bill Kelty, from Accord Mark I in 1983, and its subsequent iterations, superannuation became an industrial right. It may never have occurred but for the leadership of Prime Minister Bob Hawke and particularly his Treasurer, later Prime Minister, Paul Keating. The circumstances of the origin of Australia’s system of compulsory superannuation were unique. A question explored and answered in the thesis is whether its origins and development were deliberate or largely accidental. The development of superannuation savings as a means of curtailing direct inflation through wages growth is also evaluated. 4 Contents Synopsis: ............................................................................................................................................................ 4 Abbreviations .................................................................................................................................................. 6 Foreword ........................................................................................................................................................... 8 1. Introduction: Filling The Gap .......................................................................................................... 10 2. The Significance of ‘The Accord’ for Superannuation ........................................................... 33 3. The Building Industry Breakthrough .......................................................................................... 75 4. Industry Super on a National Footing ......................................................................................... 97 5. Legislating for Permanency .......................................................................................................... 121 6. Implications and Areas for Future Research ......................................................................... 137 7. Conclusion ........................................................................................................................................... 161 Appendix 1: Interviews.......................................................................................................................... 170 Appendix 2: Major Industry and Public Sector Superannuation Funds ............................. 171 Appendix 3: Biographies of Key Persons Mentioned in the Thesis ...................................... 174 Appendix 4: Questions of Interviewees........................................................................................... 191 References ................................................................................................................................................... 192 5 Abbreviations ABLF Australian Builders’ Labourers’ Federation
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