Treasurer sticks by super rise timetable

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(Australian Associated Press)

 

The federal government has again ruled out ditching legislated rises to the superannuation guarantee.

Treasurer Josh Frydenberg was to the point when asked if he could rule out changing the timetable of the increase to 12 per cent by mid-2025.

“Yes,” he told parliament on Wednesday.

Finance Minister Mathias Cormann made a similar promise in the Senate.

Some Liberal and Nationals MPs are worried increasing the 9.5 per cent compulsory superannuation guarantee will make it harder for employers to keep staff and offer them pay rises.

The guarantee is due to increase to 10 per cent in 2021/22 and then rise by 0.5 per cent in each of the following four years, hitting 12 per cent in 2025/26.

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