Superannuation Guarantee (SG)

The Minister responsible for superannuation is “ambivalent” about increases to the SG rate, while the PM has suggested such increases may need to be reconsidered due to COVID-19, and the Retirement Income Review is sitting on the Treasurer’s desk. The debate over when, or if, to increase the Superannuation Guarantee rate has reignited. Currently the …

Minister responsible for superannuation “ambivalent” about SG rate increases Read More »

The Minister for Finance has ruled out changes to the timetable for Superannuation Guarantee increases, something which the PM and other senior Ministers have refused to do. A senior member of the Government has ruled out slower increases to the Super Guarantee rate, following growing speculation that backbenchers will drive the Coalition to stop or …

Finance Minister rules out changes to Super Guarantee increases Read More »

Treasurer Josh Frydenberg has repeated that the Government has “no plans” to change the legislated increases to the Super Guarantee rate. Asked on ABC’s Insiders if the Government was committed to increasing the Super Guarantee rate to 12% by 2025, the Treasurer said: “We have no plans to change that legislated increase.” The Super Guarantee …

“No plans” to change increases to Super Guarantee rate: Treasurer Read More »

Labor has called on the Prime Minister to rule out further delays to the legislated increases in the Superannuation Guarantee rate, after reports that backbenchers are agitating for such a delay. Labor’s Shadow Treasurer Jim Chalmers said: “Scott Morrison must rule out calls from his backbenchers to hurt workers saving for a comfortable retirement by …

Morrison must rule out delays to Super Guarantee rate increases: Labor Read More »

With the Super Guarantee rate already legislated to go to 12%, and a government review of the retirement income systems likely, a disagreement has broken out over the impact of increasing the SG rate. The Grattan Institute says that increasing the SG rate from 9.5% to 12% will cost a typical 30 year old worker …

Increasing Super Guarantee to cost workers $30,000, claim disputed Read More »

The Superannuation Guarantee rate would now have been 12%, under Labor’s legislated timetable. But, after delays legislated under the Coalition, it remains at 9.5% and won’t reach 12% until 2025. If the Coalition hadn’t froze and delayed increases to the Superannuation Guarantee it would have gone to 12% on 1 July 2019 (up from 11.5%). …

Superannuation Guarantee rate would have now been 12% Read More »

There is “overwhelming” support for increasing the Super Guarantee rate to 12% by 2025, polling commissioned by the Association of Superannuation Funds of Australia (ASFA) has found. The polling found 79.9% support (either ‘strongly support’ or ‘support’) for gradually increasing the Superannuation Guarantee rate from its current 9.5% to 12% by 2025 – the currently …

Overwhelming support for 12% Super Guarantee rate by 2025 Read More »

The Centre for Independent Studies argues that younger people would find it easier to save for a home deposit with lower levels of compulsory superannuation contributions. The Centre for Independent Studies (CIS) policy paper, Millennials and Super: the case for voluntary superannuation, doesn’t make any firm recommendations, but does strongly suggest that compulsory superannuation – …

Easier for Millennials to save a home deposit without Super Guarantee Read More »