Sixty-one percent of Australians support a rise in the Superannuation Guarantee to 12% and are prepared to pay for it with a direct contribution from their wages, according to a survey released March 15 by the Australian Institute of Superannuation Trustees.
The AIST-commissioned consumer survey, conducted March 3-11, was released at the Conference of Major Super Funds in Brisbane, according to Investment magazine in Sydney. It suggests many Australians are concerned that their current level of super contributions won’t provide them with enough retirement income.
AIST CEO Fiona Reynolds said it appeared that the community was ahead of the views of most politicians on the need to lift the level of super contributions.
“It seems that both the super industry and the public understand that 9% … is not going to deliver a comfortable retirement. We hope this message is received by the government and … that steps are taken to improve adequacy within our retirement incomes system,” Ms. Reynolds said.