Bill Shorten is confident Federal Parliament will pass a bill boosting compulsory superannuation to 12 per cent from 9 per cent, adding it was necessary so Australians don’t retire poor.
“Nine per cent super is simply not enough to retire on comfortably,” Shorten’s office says in an email to I&T News. “The increase in super to 12 per cent will improve the adequacy of retirement incomes.”
The Opposition will not repeal 12 per cent compulsory superannuation if it wins power at the next election. Previously the opposition opposed it. Senator Mathias Cormann, the opposition’s spokesman on superannuation, didn’t return calls seeking comment.
Parliament next sits on November 21. Shorten’s office won’t give a date as to when parliament will vote on 12 per cent superannuation.