The super rate increase will power economic growth, job creation and wage rises
Published: 12 Mar 2021
Increasing the super guarantee to 12 per cent will lead to a bigger economy, more jobs, higher real wages, and higher real incomes, new independent research has found.
Former Prime Minister Malcolm Turnbull joined Industry Super Australia Chair Greg Combet to launch the report by ACIL Allen, which shows the economy will grow by an extra $12 billion, wages will grow and more than 10,000 jobs will be created if the super guarantee increases as legislated.
It is the first study that comprehensively measures all the economic factors involved in the relationship between super and wages, debunking claims there is a simplistic, direct trade-off between the two whereby super disappears into a blackhole without making any contribution to the broader economy.
It finds the billions available in extra capital will expand the economy, leading to a demand for more labour – which in turn fuels wage growth.