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Agreement to end tinkering with super’s foundations will help build the retirement savings of millions

  Published: 15 Dec 2021

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*The above material, whilst correct at the time of publication may include references or statements which are no longer current.

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