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Majority Of Australians Say They Support Superannuation Increase
A majority of Australians say they are in favour of the government’s decision to implement proposals that would increase the national superannuation rate, whilst more than half of all Australians say they are willing to sacrifice their wages to fund the measure.
The Australian Institute of Superannuation Trustees released the results of a poll over the weekend, which suggests that 77 per cent of workers say they support the gradual increase in superannuation guarantee from the current 9 per cent to 12 per cent by 2019.
More than half — 56 per cent — said they would be happy to pay for the 3 per cent increase out of their wages.
In its response to the Henry tax review, the government proposed a gradual increase in the compulsory superannuation guarantee rate over seven years to 12 per cent.
Fiona Reynolds, chief executive of the Australian Institute of Superannuation Trustees says the results of the poll should provide the impetus for the coalition to support the reform.
“It has taken a long time to get 12 per cent to the table. This is good social policy that deserves bipartisan support, particularly when the vast majority of Australians are backing it.” she said
The government also intends to cut the corporate tax rate from 30 per cent to 28 per cent to accompany the proposed increase, providing businesses the ability to fund the increased super contribution.
“According to the Australian Bureau of Statistics data, consumer price index growth has averaged 3.17 per cent per annum in the past 10 years to March, whereas average weekly ordinary time earnings have grown at 4.88 per cent per annum,” Mrs. Reynolds said.
“Since earnings have outgrown CPI by 1.71 percentage points each year, it’s hard to argue that an annual increase to the super guarantee by 0.25 per cent or 0.5 per cent would have a significant impact on an individual’s take-home pay.”
The survey of 1206 respondents, conducted at the end of May, included 728 full-time or part-time workers.
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One Response to “Majority Of Australians Say They Support Superannuation Increase”
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I don’t think it will affect peoples’ take home pay and I certainly support the increase. That said, I am still convinced it’s nowhere near enough.