Delayed or Opt-In Super to Cripple Retirement
The superannuation guarantee is set to increase in July this year from 9.5 per cent to 10 per cent for Australian workers however the federal government is exploring alternatives to alter or further delay the legislated increases. The original timetable has already been delayed since July 2014 when former prime minister Tony Abbott promised at the time a freeze would produce stronger wages, but wage growth immediately slowed. Increasing the super guarantee to 12 per cent was a Coalition and Labor election commitment in 2019 with the 9.5 per cent guarantee scheduled to rise to 12 per cent