‘Gig workers’ face super trouble

THE Financial Services Council is calling for a government inquiry into the rise of the “gig economy” and the impact it will have on superannuation savings.

This trendy new sector of the market employs more than 100,000 Australians but serious questions are being asked about whether the people working in it are earning enough money to qualify for superannuation payments.

Gig economy workers typically derive income by using their skills to complete shortterm tasks, such as delivering fast food via apps such as Deliveroo and Foodora or driving passengers with ride-sharing platforms Uber and Taxify.

Lobby group FSC represents the superannuation, investment industries.

The FSC says in its submission to the 2018–19 Budget that almost half of 15 to 24-year-olds are not covered for super contributions because they are either working as contractors or are earning less than the $450 per month threshold.

The lobby group and insurance is also calling for the Government to assess the potential rise in unemployment caused by artificial intelligence and job automation.

FSC chief executive Sally Loane wants the Productivity Commission to investigate the impact of these labour market changes on tax revenue, superannuation, life insurance and retirement savings.