Tomorrow, thirty-four years after I nominated a 12% wage equivalent as the appropriate level of compulsory contribution into superannuation, the system finally matures.

This means that every young person joining the workforce this year will begin and remain at 12% of superannuation contributions throughout their entire working life.

The 12% superannuation wage target was nominated in a speech I gave to the Australian Graduate School of Management at the University of New South Wales on 25 July 1991. This is the key policy speech in the development of both the superannuation guarantee, and with it, the 12% wage equivalent, overall target.

This level of contributions and compound earnings will guarantee personal super accumulations in excess of $3 million at retirement, reducing........

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