Australia’s House of Representatives has passed a measure to increase compulsory superannuation to 12 percent. The Senate will debate the bill today.
“We’re confident it will pass the Senate,” says a spokesman for Bill Shorten, Minister for Financial Services and Superannuation.
The Senate will debate the superannuation legislation today. It is expected the upper house will vote on superannuation changes within the first three months of 2012.
The spokesman says Parliament passed the measure around 3 a.m. Canberra time this morning.
The House of Representatives also passed a measure that abolished the age limit on superannuation contributions. People earning less than $37,000 will not be taxed on their superannuation contributions under the proposed legislation.
Opposition leader Tony Abbott said in a speech to the Financial Services Council on November 18 in Sydney that he will not repeal the new superannuation measures if he becomes Prime Minister.