Industry Super Australia has launched a new advertising campaign, in support of increasing the Super Guarantee rate to 12% – a subject of intense current debate.
Industry Super Australia (ISA) says the aim of the campaign – which will run through to June across TV, radio, online and other platforms – is to “lift awareness” of the legislated increase to the Super Guarantee rate and of the benefit to workers.
ISA points to research which shows that awareness of the Super Guarantee rate and the scheduled increase is “very low”.
The research found that only 32% of people were aware the current rate is 9.5%, and only 11% aware it is legislated to increase to 12% in 2025.
“With Australians already worried about how they will make ends meet in retirement, increasing awareness of the boost to super coming their way is critical to helping them maximise their savings and their life in retirement,” said a statement by ISA.
“Increasing the super rate to 12 per cent will help ease pressure on the pension, and will give hardworking Australians control and choice over how and when they retire.”
Several Government backbenchers have been calling for the Super Guarantee increases to be paused or frozen, and have been critical of the new campaign by Industry Super Australia – despite it supporting current Government policy.
The currently legislated timetable for a 12 Super Guarantee rate was legislated by the Coalition. The Prime Minster has said there has been no change in policy. The Treasurer last year ruled out changes to the timetable for a 12% rate, though more recently has returned to the language of “no plans” for changes to the timetable.
The Government has started a Review of Retirement Income, which is not going to provide recommendations, but a ‘fact base’. Labor is concerned it will be used as a justification for changing increases to the Super Guarantee. The Review is set to give its report to Government by June – the same month that the ISA campaign ends.