Australian workers support SG rise
Three out of four Australians support a rise in the superannuation guarantee to 12 per cent and estimate they need a retirement income of $40,000 or more, according to a poll released today by the Australian Institute of Superannuation Trustees (AIST).
Over 1,200 workers participated in the survey, which also found that one in two would be happy to pay for the rise out of their wages.
The Newspoll conducted last week suggested most working Australians recognised that their current level of compulsory super contributions weren’t enough to provide them with an adequate retirement income.
AIST chief Fiona Reynolds claimed Australia's ageing population needed the increase in the super guarantee.
“Importantly, an extra 3 per cent super will mean older Australians will be less reliant on the age pension in the future and better equipped to enjoy their retirement.”
Workers in the 18-34 year age group were more confident than their older peers that the proposed changes would give them enough super for retirement. The AIST suggested that these results showed older workers thought the proposed rise had come too late to make a difference to their own retirement.
A third of those surveyed also believed the increase in the SG would have a positive impact on economic growth, while only 9 per cent thought otherwise.
Reynolds urged the Coalition to support the super reforms to enable Australian workers to plan for their retirement with certainty.
“It’s taken a lot of time to get 12 per cent to the table. This is good social policy that deserves bipartisan political support,” Reynolds said.
The survey also showed that more than 75 per cent of Australians were in favour of the Government’s proposed $500 super rebate to workers earning less than $37,000 a year.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
