Industry Super Australia welcomes the government’s renewed commitment to lift the Super Guarantee rate to 12% without delay and ruling out making parts of the increase optional.
At an Industry Super Australia event today Superannuation Minister Jane Hume confirmed a re-elected Coalition government would lift the super rate to 12%, in line with the current legislated schedule.
The rate is legislated to increase by 0.5% increments each year until it reaches 12% by 2025.
Echoing comments by Treasurer Josh Frydenberg, Minister Hume said the government would not unpick the legislated increase or allow a portion to be taken as wages instead.
Minister Hume and Shadow Superannuation Minister Stephen Jones acknowledged the need to end the tinkering with the super system’s fundamentals.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.