Bill Shorten at 9:30 am this morning will introduce legislation to increase compulsory superannuation contributions to 12 per cent from 9 per cent.
The Minister for Financial Services and Superannuation will speak in the House of Representatives, his office says, on the need to increase the compulsory superannuation contribution. Shorten will argue that 9 per cent contributions are not sufficient to maintain a lifestyle in retirement that Australians would have become used to while working.
Shorten’s office says several other members of parliament may speak on 12 per cent superannuation today but debate on the legislation is likely to be adjourned and re-started at the next session of parliament. Parliament is next due to sit from November 21, according to Shorten’s office.