The former Gillard Labor Government had originally legislated for the superannuation guarantee (i.e. compulsory superannuation contributions) to rise to 12% in 2019. However, the Abbott government, which inherited a superannuation guarantee rate of 9.25%, froze it at 9.5% until 1 July 2021 and delayed the scheduled increase to 12% until 1 July 2021.
Yesterday afternoon, Financial Services Minister, Kelly O’Dwyer, lambasted Labor for considering bringing forward the timetable for lifting the superannuation guarantee (i.e. compulsory superannuation contributions) to 12% from 9.5% because of its deleterious impacts on lower-paid workers. From The AFR:
