The Federal Government’s plan to lift the Superannuation Guarantee (SG) from its current 9 per cent to 12 per cent unsurprisingly has widespread industry support. But it might be a surprise for some in the industry that the plan does not have universal and unequivocal community support.Legislation giving effect to the increase was introduced into Parliament yesterday.
Opposition to the move predictably comes from the other side of politics. The Shadow Minister for Financial Services and Superannuation, Mathias Cormann, was involved in a Senate Estimates hearing on the day of a roundtable hosted by Investment Magazine and sponsored by Challenger, but the Opposition Leader’s chief of staff issued a statement.
It said: “As you know, the Coalition’s position is clear and we do not support the super increase funded from the mining tax.”
But reservations also have been expressed by those representing low-income-earners and workers with broken employment patterns (particularly women) – and out in the electorate, raising the SG is far from the sure-fire election winner some think it should be.
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