Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Register

3 October 2026

Home / 41

Keating’s margin notes on the start of national super

If you missed the second episode of Kerry O’Brien’s interviews with Paul Keating, it is still on ABC TV’s iview for a few more days, here. Well worth watching this insight into political power.

There’s a fascinating moment shortly after the start. The camera pans through the back room of Keating’s office, and shows him at work on a computer, reading a scanned newspaper. Kerry O’Brien says:

“Particularly revealing are his often candid notes handwritten in the margins at the time. He has a meticulous archive of more than 10,000 newspaper articles going back to the 1970s, collected personally week by week.”

The camera then focusses on a particular newspaper, The Australian Financial Review of Thursday 5 September 1985. It is stamped, ‘PJ Keating personal collection’. The headline on the lead story says, ‘Accord ... but costly’, written by Gerard Noonan. The opening paragraph of the lead article is:

“Not without some significant short term pain, the Australian Council of Trade Unions has scored a major coup in gaining - almost overnight - superannuation coverage for all wage and salary earners.”

And in the top right corner of the page, written in Paul Keating’s elegant handwriting, it says:

“The beginning of national super”

So there’s as good a record as any, from the father of modern superannuation. The historic date is 4 September 1985, not seven years later when the national superannuation guarantee started.

(Paul Keating wrote three articles on superannuation for Cuffelinks, listed here).

http://cuffelinks.com.au/where-did-smsfs-come-from-and-where-are-they-going/

http://cuffelinks.com.au/dividend-imputation-and-superannuation-are-worth-fighting-for/

http://cuffelinks.com.au/living-longer-and-superannuation/

 

  •   22 November 2013
  • 5
  •      
  •   
5 Comments
Jimbo
November 21, 2013

I do not understand the point of this article. The legislation start date was 1992. Clearly it would take many years of planning and trying to get it through parliament before the legislation was enacted. Is this surprising?

Harry Chemay
November 22, 2013

Actually Jimbo the reference to September 1985 was to the National Wage Case claim made by the ACTU (under the leadership of by Bill Kelty) to the then Conciliation and Arbitration Commission.

These 'Accords' with the then Treasurer Keating paved the way for the introduction of the Occupational Superannuation Standards Act 1987 which extended super coverage from a select few (public sector employees and certain corporate employees) to the unionised workforce.

The OSSA was in turn superseded by the Superannuation Guarantee (Administration) Act 1992 which heralded the arrival of 'universal superannuation' for (almost) all employees.

Steve Schubert
November 22, 2013

Actually Harry, OSSA and the SG Act were completely different. Before OSSA, super was regulated under the Tax Act. OSSA was the first attempt to separate prudential regulation from the ATO which is primarily interested in protecting the integrity of the tax system. This ultimately led to APRA.
The SG Act was intended to improve on the extension of super which came out of that National Wage case. Before the 1985 changes, super was most common in the public sector, many large employers (especially white collar workers) and some unionised industries (eg Coal, Seafarers, Stevedores, TWU, and, from 1984, Building and Construction). The 1985 Wage case extended this through a number of Awards but the system was not yet truly national as some workers weren't covered by Awards and not all employers fully complied with Awards. Keating knew that his vision of truly National Super could not be completed through the Award system alone and finished the job with the Super guarantee.

Jezzi
November 22, 2013

What good eyesight you have to discern the handwritten note made by the ‘father of Australian superannuation’ on his baby’s birth notice.

Graham Hand
November 22, 2013

Exactly my point, Jimbo. You say national super started 1992, Keating says 1985. I say Keating is a greater authority on this. Who said anything about the Superannuation Guarantee?

 

Leave a Comment:
Firstlinks is sponsored by:
banner

Most viewed in recent weeks

Why spending more in early retirement can improve lifetime income

Conventional wisdom encourages retirees to preserve superannuation. But if those likely to qualify for the Age Pension later in life spend a little more today, it may deliver higher lifetime income and a more stable retirement.

Is it time to bail on Australian stocks?

For generations, Australian investors have backed banks, miners and dividends. But has that loyalty come at a cost? A look at the numbers raises an uncomfortable question about where future returns will come from.

Meg on SMSFs: What do we think about reversionary pensions these days?

Reversionary pensions have long been a staple of SMSF estate planning, but are they still the best option? Meg Heffron revisits a once-clear favourite and asks whether changing super rules have shifted the balance.

Testamentary trusts survived the trust tax. The drafting battle has just begun.

The fight over testamentary trusts looked settled. Then the draft legislation arrived. Hidden in a technical detail is a question that could force many families to rethink wills they thought were already future-proof.

How does the 4% rule stack up?

The 4% rule has long been retirement's gold standard. But after a difficult period for investors, fresh analysis suggests a more conservative approach may significantly improve the chances of making savings last.

The new capital gains tax trap for your portfolio

Investors have long accepted one portfolio rule without much question. A major tax shift could change that calculation entirely, forcing difficult trade-offs between risk, discipline and an overlooked cost lurking beneath.

Latest Updates

Exchange traded products

It’s time for LICs to die

A high-profile dividend cut and a prominent fund manager’s apology have reignited a long-running debate. If investors can access similar exposures more cheaply and efficiently elsewhere, what exactly is keeping LICs alive?

Taxation

Will investors be better or worse off under new housing tax changes?

Housing tax reforms have sparked warnings of market turmoil and promises of greater fairness. But after modelling nearly two decades of property data, the results suggest winners and losers may not be who many investors expect.

Retirement

Three considerations before reshaping your legacy plan

Many retirees hope to leave a legacy. Proposed trust tax reforms could force families to rethink. The question is not how much to leave behind, but whether today's inheritance plans will still make sense as circumstances change.

Investment strategies

Why experienced investors still get markets wrong

Retirement is approaching. Markets are noisy. And every headline seems to demand action. The biggest investment risk isn't fear, greed or market volatility, it often arrives disguised as research and sensible risk management.

Shares

Why pay more for less?

Conditions were stacked in favour of professional investors in 2026. Most still fell short, raising questions about where investors should look for value. Meanwhile, an alternative strategy continued to make its case.

Investment strategies

Bleeding air out of the bubble

Equity valuations have fallen sharply over the past year, yet investors have largely been spared the volatility and losses that typically accompany a de-rating. What explains this unusually orderly reset? Here are five key drivers.

Strategy

Has AI gone rogue?

We worry about AI becoming conscious. But what if consciousness isn't the issue? The more unsettling possibility is a machine capable of pursuing objectives relentlessly, without motives, emotions, or awareness of any kind.

Sponsors

Alliances

  • ASA-Logo-RGB-ActiveGreen-web.png

Site Map

About Firstlinks

© 2026 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.