Bill Shorten has appealed to the superannuation industry to overcome its internal divisions and support legislation aiming to boost compulsory superannuation contributions to 12 per cent.

The Minister for Financial Services and Superannuation also asked the Federal Opposition to rethink its partisan tactics and support the legislation, which was introduced to Parliament on November 2.

“The story of Australia is one of pragmatism, not ideology,” said Shorten in a speech to the Association of Superannuation Funds of Australia national conference today in Brisbane. “A great nation stays a great nation by making great decisions at the right time in history. Compulsory savings is an important national decision.

“The industry will spend as much time thinking about perceived advantages in distribution as any other industry. I would rather spend more time ironing out the details with each group and present a unified front to Parliament and the Australian people.”

He says greater superannuation contributions could better fund retirement incomes, deepen Australia’s capital markets and secure infrastructure spending.