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The tech billionaire, the beautician and the backlash

The tech billionaire, the beautician and the backlash

The Agea day ago
Sitting up the front of the plane, an Oregon beautician took a selfie while on the 17-hour flight across the North Pacific Ocean to Hong Kong to rendezvous with an Australian billionaire.
'He better be worth it,' Kimberlee Cvitash wrote in a since-deleted Instagram post from May this year.
The billionaire in question was Richard White, 70, a musician and former guitar repairer who founded global logistics software giant WiseTech in 1994.
In the past year, White's complicated personal life, including multiple relationships with women, including WiseTech employees, has resulted in board upheaval following a number of complaints about inappropriate conduct, a number of which have been settled.
Engineer Greg Williams, who met White decades ago while both were members of the Church of Scientology, and before they became band members, observed that the billionaire was 'insecure on his own' and, in recent years, he witnessed White requesting an employee, whom he named, to spend the night with him.
Cvitash, whom White flew to Hong Kong to be with him in May, posted a not-so-subtle photo during their stay. The photo of a shopfront read: 'Billionaire Boys Club' – the luxury streetwear brand founded by American rapper Pharrell Williams. White is Australia's 15th-richest person, with a $10.6 billion fortune.
'Happy Freedom Day from Australia … I love my Bexley guitar player,' Cvitash posted during a visit to White's Bexley compound in July last year.
An investigation by The Australian Financial Review, The Sydney Morning Herald and The Age can reveal that the controversial businessman is supporting Cvitash, who runs Skin Wise Academy in Portland. The beautician receives a sizable monthly allowance and has told friends that White picked up the $30,000 tab for her breast augmentation surgery and face work.
White is also paying the $11,000 monthly rental for Cvitash's four-bedroom lakeside property on the outskirts of Portland.
In February 2024, Cvitash posted a photo of 'my new little home' with the hashtag #welllovedwoman and the flags of Australia and the US linked by a love heart.
White's multitude of property dealings for his paramours have resulted in a flurry of unwelcome publicity over the past year, and a slew of confidential settlements, which have been uncovered as part of ongoing investigations into allegations of inappropriate conduct, intimidation and bullying – all of which have been denied by White.
In October last year, wellness entrepreneur Linda Rogan claimed White expected her to have sex with him in exchange for an investment in her business. The claims were made as part of a legal stoush in which Rogan sued White over a $92,000 furniture bill. Rogan claimed she was stuck with the bill after White's now-wife Zena Nasser, a former criminal lawyer, discovered the affair and kicked her rival out of the $13.1 million Vaucluse house White had secretly purchased for Rogan in September 2022.
White, Nasser and Cvitash did not respond to questions.
At the same time Nasser was brutally ending one of White's property deals, she was embroiling him in a new one with her ex-husband.
Questionable loans
Mark Merhi, who left Australia in mid-2022 with $80 million in corporate debts owed by his companies, recommended White finance three property developments in western Sydney, including one he'd sold to an associate on the cheap before his business collapsed.
After a joint investigation by the Financial Review, the Herald and The Age revealed the existence of White's $70 million loan to Ahmad Ahmad, a nut roaster from Lakemba, the WiseTech founder publicly claimed he was calling in the loans and would move to sell the three sites if the money wasn't forthcoming.
Five months later, the loans remain outstanding and White is down $70 million, plus interest. There has been no indication White has moved to take control of the properties and sell them. Meanwhile, his company RealWise Finance remains the lender to the developments, according to property records.
Documents obtained during the joint investigation show that for more than a year, White had not bothered to formalise the loan agreement.
White began lending money to Ahmad's companies in November 2022, starting with $5 million, followed by $3 million in May 2023. A formal loan agreement was finally drawn up in August 2023, which drastically increased White's loans to Ahmad's companies to $53 million. By March 2024, the loan increased to $70 million.
Ahmad's companies bought one property – a former Aldi supermarket which had been owned by a Merhi company – for $13.5 million in September 2020. This was $5.5 million less than Merhi's company paid for it five years earlier. Helm Advisory liquidator Stephen Hathway told creditors the sale may have been an uncommercial transaction as the site 'had potential sale value of $23,300,000', in an October 2022 report.
Privately, White's friends and associates have expressed dismay over his involvement with Merhi, who had a colourful history before moving to Dubai.
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Merhi and his brother, Khalil, who were involved in various companies within the Merhi Group, were central figures in an inquest into four deliberately lit fires, all using stolen cars loaded with accelerants, which were crashed into the properties.
Simon Turner, who was the compliance and safety manager for the group of companies run by Mark and Khalil, told the joint investigation that his bosses orchestrated the four firebombings between 2006 and 2010. Two of the fires were at a neighbouring property the Merhis had been trying to buy, he said.
'They drove a car through the security gates and the roller door and set it alight,' Turner said of the two fires at the Merhis' neighbouring premises in Seville Street, Fairfield. 'It was exactly the same as what happened at the CFMEU and Bellevue Hill.'
Turner said the Merhis were at war with the construction union when they firebombed the CFMEU's Lidcombe office. The fourth fire was in Bellevue Hill.
Turner recalls receiving a call from Khalil Merhi about the Bellevue Hill development site, where the Merhis were in dispute with the owner. 'That prick owes us money … get all the gear out of the office,' Khalil is alleged to have said.
Turner said the original plan was to crash a 100-tonne crane onto the site but it was then decided to use a car loaded with accelerant.
The fires were linked to organisations or people who'd had 'confrontations or disagreements with Khalil Merhi and/or Mark Merhi,' Coroner Michael Barnes found in 2016.
On May 12, 2010, the day before the Lidcombe firebombing, Mark Merhi had a tense discussion with a CFMEU executive about his company's alleged breaches of employment and taxation laws. Later that day, in a phone call, Khalil threatened to 'take the union down', the coroner noted.
A petrol-contaminated glove found at the CFMEU fire contained DNA which was matched to brothers Jalal and Emad Alameddine. According to the coroner's report, each of the four cars used in the firebombings had been stolen from the Punchbowl area. 'Both men have committed offences of car stealing and the vehicles used in each of the fires were stolen from an area close to where the two men lived,' the coroner found.
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But, ultimately, there was not enough evidence to make a conclusive finding and no charges were laid.
Land title records show that on Christmas Eve 2009, nine months after the second firebombing of the Seville Street premises, the owner gave in and sold to the Merhis. The transfer was witnessed by the Merhis' solicitor Zena Nasser, who had married Mark Merhi in October 2009.
Once they'd bought it, the Merhis used it as their headquarters. Turner, who worked there, said Nasser had an office on the top floor and a parade of bikies Nasser was legally representing would troop up the stairs to see her.
Earlier that year, The Daily Telegraph described Nasser, 29 at the time, as a 'Rolex-wearing Gucci shoe-clad daughter of a Lebanese developer' who represented a number of prominent bikie gang members.
'Her clients include members of the Notorious bikie gang and Kings Cross nightclub entrepreneur John Ibrahim and his brothers Michael and Sam, former head of the Nomads gang and now believed to be a key player behind Notorious,' the Telegraph reported.
Nasser has previously distanced herself from her former husband, saying she was in a relationship with Merhi for less than 18 months 'and they went their separate ways in 2011, the same year their daughter was born'.
She said she 'has been the sole carer and a single mother' since then.
However, an entity owned by her former husband, Merhis Living, donated $700 to Nasser during a charity bike ride when she was working at major consulting firm EY in 2018.
That same year, Merhi's company became a shareholder in a short-lived lingerie business, Alexa Intimates, founded by Nasser.
Property records also reflect the dealings Nasser had with her former husband. Nasser bought two properties from his companies in 2014 and 2017.
She acquired an apartment in Rickard Street, Bankstown, in 2017 from Rickard Apartments – a company Merhi founded – for $550,000. Nasser later sold this apartment at a $95,000 loss to former champion bodybuilder and convicted steroid dealer Sidique Tarawally in 2022. Merhi had also sold an apartment in a different building to Tarawally two years earlier.
Police raided Tarawally's home in Bankstown, in Sydney's south-west, in March 2024. He was convicted but given a two-year community correction order this year, avoiding jail.
There is no suggestion Nasser or White were aware of any of the illegal activities of Tarawally or Mark Chikarovski, who purchased the Vaucluse mansion, which was also sold at a substantial loss.
Using a front company, White bought the Dalley Avenue house for $13.1 million in September 2022, watching the online auction under a pseudonym, Rick LeBlanc. However, just three weeks after Rogan collected the keys, White's now-wife Nasser discovered the relationship and kicked Rogan out of the home. Five months later, it was sold at a $1.6 million loss to Chikarovski, who was later convicted of running a lucrative drug business on the dark web under the username AusCokeKing.
It turns out that wasn't the first house White had bought for a friend or lover and made a loss on. White bought a four-bedroom waterside house in the southern Sydney suburb of Oatley for another WiseTech employee he was in a relationship with for $1.8 million in 2018. Two years later, White sold the property for a $75,000 loss.
In 2022, White forked out $1.6 million for a four-bedroom house in Narara, near Gosford on the NSW Central Coast. He offloaded it in May this year at a $500,000 loss. His mate Greg Williams, a fellow former Scientologist who was working for White, had been renting the place until the pair fell out in mid-2023.
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Williams has theorised that White began using the name 'Wise' in his companies as a way of 'giving the middle finger' to the Scientology organisation they'd both once belonged to. The World Institute of Scientology Enterprises (WISE) was established by Scientology founder L. Ron Hubbard with the expectation that members would utilise WISE's principles in their own business organisations.
Williams said he and White had fallen out over the Narara lease agreement and the purchase of a CB radio because of the lack of phone reception at White's holiday home at Sentry Rock. Williams had been supervising work at the luxury estate on the Hawkesbury River purchased by White for $12 million in 2020.
'I could crush you,' were White's parting words to him, Williams recalled. Witnessing the conversation at White's Bexley compound was another former Scientologist, Reg Kennedy, White's driver and gofer. Kennedy has frequently featured as a director for companies White has used in his property purchases.
Kennedy resides in one of the six townhouses within the billionaire's Bexley compound.
After returning to Oregon after a visit to White in July 2024, she posted a video showing a view from one of the townhouses. 'I miss the birds in Bexley and him,' Cvitash said.
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Lily Allen can't remember how many abortions she's had
Lily Allen can't remember how many abortions she's had

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Lily Allen can't remember how many abortions she's had

Lily Allen "can't remember" how many abortions she's had. The 40-year-old singer revealed during a conversation about birth control that she used to get pregnant "all the time". Speaking about contraception on the Miss Me? podcast, Lily shared: "I just remember I have an IUD (contraceptive coil) now. "I think I'm on my third maybe fourth and I just remember before that it was a complete disaster area. Yeah, I'd get pregnant all the time." Allen subsequently discussed her experience of abortions, admitting she can't remember how many she's actually had. Singing to the tune of Frank Sinatra's My Way, she said: "Abortions I've had a few ... but then again ... I can't remember exactly how many." Allen added: "I can't remember. I think maybe like, I want to say four or five." Miquita Oliver, Alen's friend and podcast co-host, then opened up about her own experiences. The 41-year-old TV presenter said: "I've had about five too! Lily, I've never I'm so happy I can say that and you can say it and no one came to shoot us down, no judgement. We've had about the same amount of abortions." Allen revealed that one of her ex-partners actually paid for her to get an abortion and, at the time, she considered it to be a "romantic" gesture. She shared: "I remember once getting pregnant and the man paying for my abortion, and me thinking it was so romantic!" Oliver then said: "I actually think that is romantic!" However, Allen quickly rubbished that suggestion, observing that kids "are a lot more expensive". The LDN hitmaker - who has daughters Ethel, 13, and Marnie, 11, with ex-husband Sam Cooper - said: "No, I don't think it's generous or romantic. Think about that investment, like that's how much is it ... 500 quid ($A1000)? Kids are a lot more expensive." Allen hates that women have to justify their decision to get an abortion. She explained: "I've seen memes going around sometimes, on Instagram from pro-abortion accounts or whatever, whenever this conversation comes up, and suddenly you start seeing people posting things about extraordinary reasons for having an abortion. "Like: 'My aunt had a kid that had this disability,' or whatever, 'If she went full term it was going to kill her, so we have to.' It's like, shut up! "Just: 'I don't want a f****** baby right now.' Literally: 'Don't want a baby' is enough reason." Lily Allen "can't remember" how many abortions she's had. The 40-year-old singer revealed during a conversation about birth control that she used to get pregnant "all the time". Speaking about contraception on the Miss Me? podcast, Lily shared: "I just remember I have an IUD (contraceptive coil) now. "I think I'm on my third maybe fourth and I just remember before that it was a complete disaster area. Yeah, I'd get pregnant all the time." Allen subsequently discussed her experience of abortions, admitting she can't remember how many she's actually had. Singing to the tune of Frank Sinatra's My Way, she said: "Abortions I've had a few ... but then again ... I can't remember exactly how many." Allen added: "I can't remember. I think maybe like, I want to say four or five." Miquita Oliver, Alen's friend and podcast co-host, then opened up about her own experiences. The 41-year-old TV presenter said: "I've had about five too! Lily, I've never I'm so happy I can say that and you can say it and no one came to shoot us down, no judgement. We've had about the same amount of abortions." Allen revealed that one of her ex-partners actually paid for her to get an abortion and, at the time, she considered it to be a "romantic" gesture. She shared: "I remember once getting pregnant and the man paying for my abortion, and me thinking it was so romantic!" Oliver then said: "I actually think that is romantic!" However, Allen quickly rubbished that suggestion, observing that kids "are a lot more expensive". The LDN hitmaker - who has daughters Ethel, 13, and Marnie, 11, with ex-husband Sam Cooper - said: "No, I don't think it's generous or romantic. Think about that investment, like that's how much is it ... 500 quid ($A1000)? Kids are a lot more expensive." Allen hates that women have to justify their decision to get an abortion. She explained: "I've seen memes going around sometimes, on Instagram from pro-abortion accounts or whatever, whenever this conversation comes up, and suddenly you start seeing people posting things about extraordinary reasons for having an abortion. "Like: 'My aunt had a kid that had this disability,' or whatever, 'If she went full term it was going to kill her, so we have to.' It's like, shut up! "Just: 'I don't want a f****** baby right now.' Literally: 'Don't want a baby' is enough reason." Lily Allen "can't remember" how many abortions she's had. The 40-year-old singer revealed during a conversation about birth control that she used to get pregnant "all the time". Speaking about contraception on the Miss Me? podcast, Lily shared: "I just remember I have an IUD (contraceptive coil) now. "I think I'm on my third maybe fourth and I just remember before that it was a complete disaster area. Yeah, I'd get pregnant all the time." Allen subsequently discussed her experience of abortions, admitting she can't remember how many she's actually had. Singing to the tune of Frank Sinatra's My Way, she said: "Abortions I've had a few ... but then again ... I can't remember exactly how many." Allen added: "I can't remember. I think maybe like, I want to say four or five." Miquita Oliver, Alen's friend and podcast co-host, then opened up about her own experiences. The 41-year-old TV presenter said: "I've had about five too! Lily, I've never I'm so happy I can say that and you can say it and no one came to shoot us down, no judgement. 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Allen subsequently discussed her experience of abortions, admitting she can't remember how many she's actually had. Singing to the tune of Frank Sinatra's My Way, she said: "Abortions I've had a few ... but then again ... I can't remember exactly how many." Allen added: "I can't remember. I think maybe like, I want to say four or five." Miquita Oliver, Alen's friend and podcast co-host, then opened up about her own experiences. The 41-year-old TV presenter said: "I've had about five too! Lily, I've never I'm so happy I can say that and you can say it and no one came to shoot us down, no judgement. We've had about the same amount of abortions." Allen revealed that one of her ex-partners actually paid for her to get an abortion and, at the time, she considered it to be a "romantic" gesture. She shared: "I remember once getting pregnant and the man paying for my abortion, and me thinking it was so romantic!" Oliver then said: "I actually think that is romantic!" 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Why Melburnians celebrate the failure of Sydney's ‘Vile Kyle'
Why Melburnians celebrate the failure of Sydney's ‘Vile Kyle'

Sydney Morning Herald

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  • Sydney Morning Herald

Why Melburnians celebrate the failure of Sydney's ‘Vile Kyle'

Sandilands ('Vile Kyle' to his detractors) and Jackie Henderson, his microphone partner, are supposed to be receiving about $10 million a year each over the next 10 years as reward for drawing in advertisers excited by smutty stunts. Their $200 million deal – a sum that would have left even old 'Golden Tonsils' John Laws weak at the knees – was drawn up on the presumption that their peculiar popularity in Sydney (where they get ratings of about 16 per cent) would sweep all before them as they took their breakfast show, modestly titled Hour of Power, to the other state capitals, starting in Melbourne. Oops. The Hour of Power Sydney toilet-jokes format on KIIS caused the pair to take a colossal gutser in Melbourne from the start. A year on, their latest rating is a measly 5.1 per cent, placing the show eighth in Melbourne's breakfast slot. For context, number one is the familiar Ross and Russ show on 3AW, where Melbourne locals Ross Stevenson and Russel Howcroft hold a mighty 20.6 per cent share of the city's breakfast audience, largely by avoiding insulting listeners' intelligence. Loading Radio 3AW is owned by Nine, which also owns The Age. Meanwhile, Australian Radio Network, which owns KIIS, is taking a mighty bath. Advertisers have fled and ARN has 'let go' 200 employees, who must be deliriously happy to have sacrificed their jobs to keep Kyle and Jackie O in their multimillion-dollar Sydney trophy homes. It's an old story. In the late 1980s, the Fairfax media group bought Melbourne HSV7 TV station and tried to meld it into its two other channels, in Sydney and Brisbane. It failed spectacularly because Melbourne audiences saw it, quite correctly, as a Sydney try-on. Soon after, Fairfax, having lost several millions of dollars on its Melbourne bet, sold its TV interests to dodgy Christopher Skase's Qintex Group. Skase later went bankrupt and fled Australia. Sydney shock jocks Stan Zemanek and Alan Jones both tried and failed to transfer their loudmouthed fame to Melbourne. Southern audiences just never warmed to Jones' dreadful braying, and the late Zemanek's flashiness lasted only a year on 3AW. Paul Keating earned scorn when, trying to broaden his appeal while launching his campaign to topple Bob Hawke as PM, he flew himself and several reporters to Melbourne to barrack for Collingwood at the MCG. No one was fooled that he had any serious interest in the Australian game, let alone Collingwood. Keating was also famed for his reported view that, 'If you're not living in Sydney, you're just camping out.' Even he knew it wouldn't fly among southern voters, and strategically disowned the comment during a visit to Melbourne in the lead-up to the 1996 election. Asked about the 'camping out' observation by broadcasters Dean Banks and Ross Stevenson on 3AW in October 1995, Keating declared: 'No, somebody falsely attributed those words to me. I love Melbourne, the garden city of Australia.' Six months later, Keating and his government were booted out and he retired to his beloved Sydney. Even Sydney's criminal milieu could not cut it in Melbourne. My colleague John Silvester relates the amusing story of Sydney crook Stan 'The Man' Smith's abortive attempt to expand his criminal pursuits into Melbourne decades ago. Loading 'When he arrived at Tullamarine airport, waiting police miraculously found a matchbox full of hashish in the top outside jacket pocket – usually only used to display a decorative handkerchief,' Silvester wrote. 'Smith is said to have cried out, 'I'm being fitted up', no doubt a reference to his dapper, tailor-made suit. When he returned home (after serving one year), he vowed to never return to Melbourne because 'the cops run red-hot down there'.' The fact that Melburnians have rarely bought Sydneysiders' pretensions was long attributed to Melbourne wearing a chip on its shoulder because Sydney was the first city established in Australia, and was blessed with greater natural beauty. A friend has a more nuanced view. Melbourne, she proposes, has always had to try harder to build itself a beating heart because it was not blessed with Sydney's astonishing natural loveliness. How could Melbourne and its Yarra and its tame bay compete with Sydney's glorious ocean beaches, the great sweep of its harbour, its cliffs and river gorges and the Blue Mountains hovering away to the west? The answer, of course, was to get serious and accomplished. About food, conversation, architecture, education and sport, for starters. Sydneysiders could afford to play in the sun and the surf and merrily flaunt their wealth. Melburnians hunkered beneath often leaden skies and worked at building a relatively sophisticated, relatively civil society, replete with marvellous restaurants and the nation's oldest and most visited art gallery, named (immodestly) the National Gallery of Victoria. The naked flaunting of wealth, though increasingly common, remains a bit embarrassing in Melbourne, where it is still sport to take the piss out of ourselves. And when vulgarians like Kyle Sandilands try to shoulder their way in, scorning the idea of taking a ride on a tram or choosing a footy team ('we're not gonna march into town and try all this hokey local rubbish', Sandilands spat during a radio interview a couple of months ago), Melburnians turn off, knowing imported coarseness is just not worth their while. And anyway, it's enjoyable – if a bit smug – to make a big-mouthed Sydneysider squirm.

'More can be done': The knowledge gap Australians have with their retirement nest egg
'More can be done': The knowledge gap Australians have with their retirement nest egg

SBS Australia

time3 hours ago

  • SBS Australia

'More can be done': The knowledge gap Australians have with their retirement nest egg

The final increase to the superannuation guarantee has taken effect, meaning employers are now required to pay a minimum contribution of 12 per cent into their employees' super funds. But around a third of people are unaware where their retirement funds are invested — a similar proportion don't know their super balance, and one in 10 have never checked. These were the findings of a survey of 3,146 Australians conducted by the Commonwealth Bank, which suggested the knowledge gap about how super is invested was higher among gen Z and women, at 43 per cent. Jessica Irvine, the bank's personal finance expert, said people have more confidence in managing their day-to-day finances, but need more assistance to understand retirement options. Echoing her views, Wayne Swan, the former federal treasurer who oversaw the legislation guaranteeing the increase from nine to 12 per cent, told SBS News that more needed to be done to engage Australians with their retirement planning. Swan, now chair of Cbus, an industry super fund, said: "I think that all superannuation funds acknowledge and do their best to achieve [that], and there's always more that can be done." What is happening with superannuation? Thirty-four years ago, former prime minister Paul Keating shared his vision of an Australian future that included a 12 per cent target for compulsory super contributions. Now, he said, that system "finally matures". The superannuation guarantee has risen since 2012 to reach 12 per cent. In a statement to mark the 1 July increase to 12 per cent, Keating said it "will guarantee personal super accumulations in excess of $3 million at retirement" for someone entering the workforce today. "Superannuation, like Medicare, is now an Australian community standard, binding the whole population as a national economic family, with each person having a place," he said. How did we get here? Superannuation in Australia stretches back to the early 20th century, but there were no attempts to institutionalise universal compulsory contributions before the mid-1980s. In 1985, the Australian Council of Trade Unions, with the support of the then-Hawke government, presented a National Wage Case to the Conciliation and Arbitration Commission about a 3 per cent compulsory contribution for all Australian workers. The tribunal sided with the union in 1986 but ruled it as optional — subject to agreement between employers and employees. Five years later, in Keating's final federal budget as treasurer, the 3 per cent superannuation guarantee levy was made compulsory. It came into effect the following year, when Keating was prime minister, with the introduction of a superannuation guarantee charge to penalise employers who don't meet their contribution obligations. The mandatory rate then gradually increased to 9 per cent by 2002. It was supposed to reach 12 per cent by 2000, but, under the Howard government, there were no further increases until 1 July 2013. In 2010, two years after the Global Financial Crisis and in response to the findings of the Henry Tax Review, then-treasurer Swan unveiled a plan to incrementally lift the superannuation guarantee levy to 12 per cent. He said it would increase by 0.5 per cent each year between 2013 and 2019. In 2010, then-treasurer Wayne Swan (pictured right) announced a plan to gradually increase the superannuation guarantee levy from 9 per cent to 12 per cent. Source: AAP / Alan Porritt But two months after it rose to 9.25 per cent in 2013, Tony Abbott stormed to a landslide election victory — and followed through on an election promise to delay increases to the guarantee due to cost pressures on small businesses. The government failed to legislate the delay the following year, and the rate was lifted to 9.5 per cent — a level it remained at for seven years. It wasn't until Australia was in the midst of the COVID-19 pandemic that the incremental increases began. Starting in 2021, it rose by 0.5 per cent each year. LISTEN TO SBS News 30/06/2025 08:22 English The 12 per cent milestone Australia's superannuation system now manages over $4 trillion in assets, ranking as the fourth-largest pension market in the world. The 12 per cent milestone is expected to propel Australia to second place within a decade — just behind the United States — despite its relatively small population. Swan said the superannuation guarantee levy not only delivers a secure retirement for all Australians, but "fundamentally alters the distribution of wealth in our community". "It gives access to growth assets to everyone in the community. From a building worker through to a professional in the office tower, everyone in Australia gets to own a piece of the wealth of this great country in a way that's never before been possible," he said. Swan said he's "absolutely proud to have been part of this story". "I always think of those pioneers, particularly the unionists, who fought to establish this scheme 40 years ago. What it really shows is that ordinary working people can effect change in a society like ours," he said. "What visionaries they were, and what they have done to make our country not only a bigger and more successful economy, but a fairer one as well." What is a 'comfortable retirement'? Swan said while the six-year delay in achieving a 12 per cent increase came at a cost to Australian superannuation balances, the benefits are greater from having finally reached that milestone. "For someone who's, say, 30 years old now, it's going to mean an extra $130,000 in their retirement," he said. That follows recent modelling by the Association of Superannuation Funds of Australia (ASFA). The super peak body's retirement standard for June 2025 projects a 30-year-old today on the median wage of $75,000 and a $30,000 super balance would witness that figure rise to $610,000 by the retirement age of 67. This amount exceeds ASFA's estimate of the $595,000 needed to afford a comfortable retirement for singles and $690,000 for couples. ASFA defines a 'comfortable' retirement as someone who owns their home outright, is in good health, can afford top-level private health insurance, has a good car, and engages in a range of leisure and recreational activities, including taking one domestic trip a year and one international trip every seven years. Business concerns There are concerns that a string of 1 July changes , including the increase to the superannuation guarantee levy, could hit businesses and place further pressure on cash flow. Luke Achterstraat, CEO, Council of Small Business Organisations Australia, said: "The increase of the superannuation guarantee comes at a time when award rates have also increased 3.5 per cent, national productivity is in decline, and payroll tax and workers' compensation insurance will also increase." There are concerns that an increase to the superannuation guarantee levy and other changes that took effect on 1 July could negatively impact small businesses and further pressure their cash flow. Source: AAP "This puts small businesses between a rock and a hard place, needing to either absorb or pass on these costs to consumers," Achterstraat said. Beyond 12 per cent: Where to from here? The 0.5 per cent increase to 12 per cent is the last one legislated by the Australian government. However, with life expectancy improving, would we need more in our nest egg, and is there a case for raising the superannuation guarantee even further? "I think there's going to be a debate about whether we need to go above 12 per cent," Swan said. "I think 12 per cent can certainly guarantee quite a dignified retirement for all Australians, but that will be a discussion that will be had in the years ahead."

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Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
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