The Australian Council of Trade Unions (ACTU) has alerted the country’s voters that a push by Coalition members to cut superannuation will cost the average 30-year-old worker around $165,000 in retirement income.

Key Coalition members, including extreme right winger Alex Antic, climate change denialist Matt Canavan and Barnaby Joyce fan Llew O’Brien, have voiced support for cutting the superannuation guarantee rate from 12 per cent to 9 per cent if the Coalition wins the upcoming election.

The reduction of 3 per cent in compulsory employer-paid superannuation, with the accompanying decline in compounding returns, will mean that the average 30-year-old worker today will lose around $165,000 in retirement income, according to ACTU estimates.

The Coalition members’ reported comments raise questions about how far the Coalition will go to undermine the hard-won entitlements of Australian workers.

In a Sydney University speech in October last year, Shadow Treasurer Angus Taylor stated that the Coalition’s ambition included “aligning superannuation with other global retirement schemes – like [the United States of America’s] 401k”.

Australia’s superannuation system is consistently ranked one of the best in the world and allows Australians to retire with significantly more retirement income than the US system provides.

“The Coalition members suggesting a reduction in the superannuation guarantee are very happy to continue to receive 15.4 per cent superannuation for their own retirements,” said ACTU Assistant Secretary, Joseph Mitchell (pictured). “The Coalition’s hypocrisy is unbelievable – they want to enjoy the benefits of super for themselves while robbing working people of it.”

PSA CPSU NSW General Secretary Stewart Little said the current superannuation scheme was “one of our country’s proudest achievements on behalf of working people”.