Shorten aims to grow retirement savings

Bill Shorten, the financial services minister, has spoken of the benefits of Labor's plan to boost retirement savings by gradually lifting the compulsory super guarantee.

Speaking at an Australian Prudential Regulation Authority international conference in Sydney, Mr Shorten said the proposed lift of the guarantee from nine to 12 per cent would result in a bigger savings pool created by superannuation, the Australian reported.

The minister also claimed the policy would bolster the economy by lowering inflation, reducing the cost of borrowing and providing capital for infrastructure.

"Put simply, we do not think that saving nine per cent of wages will provide most Australians with adequate retirement savings," he said.

Aussies aiming to grow their investments and secure better returns can choose to compare term deposits in search of the best deals. Speaking to the Age recently, Marc Bineham, NSW state director of the Association of Financial Advisers, suggested investors are also becoming more aware about the benefits of self-managed super funds.

This article is brought to you by Mozo – Helping you compare term depositsADNFCR-1761-ID-800218324-ADNFCR