How Labor Wants to Change Your Super in 2023 — The Latch

Unpacking Labor’s Super Plans

It’s happening: Labor wants to make some chungus changes to our superannuation system. This is because our Treasurer, Jim Chalmers, doesn’t believe the current super system is “equitable and sustainable.”

To be specific, Labor hopes to define the purpose of our super system and then enshrine this purpose in law. As it stands, super’s purpose can be altered, like when the Coalition let the public withdraw this coinage during Australia’s COVID lockdowns. Labor believes that super should only be used to set folks up for retirement.

“Some of the most disastrous policy proposals we’ve seen in recent years – like allowing billions to be withdrawn from balances during the pandemic – have come about, in part, because our predecessors were navigating the super landscape without a compass,” said Chalmers. “This made us vulnerable to wrong turns and wrong decisions. It moved us further away from where we need to be: better living standards in retirement for as many Australians as possible.”

“Legislating super’s objective will change that because, for the first time, we’ll have a true north: A shared goal that we can work towards together.”

New Zealand and Cyclone Gabriel: The Aftermath

In mid-February of 2023, cyclone Gabriel devastated massive sections of New Zealand. Buildings, homes, and rivers flooded. Winds going 100 km and faster devastated the landscape. Cyclone Gabriel caused complete and utter havoc.

Moreover, the true extent of this cyclone’s destruction is yet to be recorded. As of Monday, February 20, 11 people have been confirmed dead, and at least 3200 people are still missing.

When discussing the recovery efforts, New Zealand’s Prime Minister, Chris Hipkins, said, “This is going to be big.”

“There is no doubt that as a country, we have a steep mountain ahead of us, and we will climb that together. We know this recovery is going to come with a big price tag. We will build back better, but we will also need to build back more resilient than we have before.”

Some NSW Teachers Might Score a $4000 Bonus

In other news, the NSW Liberals have made an interesting state election promise. This party has stated that if they’re reelected, they’ll offer NSW teachers $4000 bonuses to become “Highly Accomplished and Lead Teachers.”

But hold on, what exactly is a Highly Accomplished and Lead Teacher? Whelp, it’s a teacher that mentors and supports other educators.

As of 2023, this decade-old program has only created 310 Highly Accomplished and Lead Teachers that work across NSW. And the Liberals want to change this.

Regarding this announcement, Sarah Mitchell, NSW’s Education Minister, said, “We want to make it as easy as possible for our best teachers to be recognised and remunerated for their impact.”

However, it’s worth noting that some people believe such an initiative won’t be enough to save NSW’s buckling education system. Over the past few years, teachers have been underpaid, overworked, and often ignored by the state.

As Craig Petersen, the Head of the Secondary Principals Council, said, “We’re reducing the number of classes we’re offering, electives, and in some cases the subjects we’re offering in Year 11 and 12.”

“There are also a significant number of principals who have timetabled themselves onto classes.”

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