RISE OF £700
£lOO Left To
Spend
Supreme Court judges who : have received a salary rise , of £7OO are left, after taxation and compulsory superannuation contributions with £lOO additional spending money.
The Minister of Finance (Mr Lake) explained the net effect of the pay rise when questioned by the Leader of the Opposition (Mr Nordmeyer) tonight during the committee consideration of the Superannuation Amendment Bill in the House of Representatives. Mr Lake said that judges were now paid £4950 a year. Previously, they could elect to pay 5 per cent of salary into the superannuation fund for a widow’s peision. Now they would have to pay 7 per cent, or about £lOO extra, towards compulsory superannuation. This meant £350 against £250 and they also paid twothirds of the increase in tax. Mr Nordmeyer: They would be worse off if they had not been contributing for their wives.
Mr Lake said the Government actuary had calculated that the real value of a judge’s salary, including superannuation rights, was equivalent to £7422 earned by a man in private practice.
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Bibliographic details
Press, Volume CIII, Issue 30608, 26 November 1964, Page 16
Word Count
177RISE OF £700 Press, Volume CIII, Issue 30608, 26 November 1964, Page 16
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