Gday Trev
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I think they have been misled on that one. When compulsory super came in in 1992 (and when it has been increased), the employer had to increase wages by the amount paid (originally 3%), it did not get deducted from the employees base wage.
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I never got a "payrise" Plus super when it came in, i just didnt get a "payrise" the years they adjusted super. ie Even as the super percent increased over time, it has always been ammortised into the total wage rise, it was never increased along with a full pay rise. ( That only happens if yr a Pollie ).
Sooo when comparing pre 1992 wages and prices vs current wages and prices, the kids are currently on a 9% hiding when it comes to free cash that they can use to mitigate long term interest drain.
Andrew
I should add that with some of them, if they had the extra 9% available now, they would probably blow it, so super may be a better bet
, but for those who can manage their money, its just that bit harder.