The superannuation guarantee is legislated to increase from 9.5 per cent to 12 per cent between 2021 and 2025, and Treasurer Josh Frydenberg has said that the federal government has no plans to change the legislated increase. However, a growing number of Liberal backbenchers are said to be against the increase, and are hopeful that the proposed review of retirement income will lead to a change of heart on the proposal. In particular, Tim Wilson, the Liberal chair of the House Economics Committee, says the argument for the increase when compared to lifting wages now “has always been questionable”.
This has prompted Labor’s treasury spokesman, Jim Chalmers, to demand Prime Minister Scott Morrison to guarantee that superannuation will be lifted to 12%. From The New Daily:
“It’s beyond hypocritical that the very same Coalition MPs who pretended to be champions of retirees now want to attack the retirement savings of Australian workers,” he said.
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