Retirement
Government renews commitment to proceed with super rate lift to 12%
Retirement
Government renews commitment to proceed with super rate lift to 12%
The government has renewed its commitment to lift the super guarantee rate to 12 per cent without delay.
Government renews commitment to proceed with super rate lift to 12%
The government has renewed its commitment to lift the super guarantee rate to 12 per cent without delay.
Speaking at an Industry Super Australia event, superannuation minister Jane Hume confirmed the government’s intention to proceed with lifting the super rate by 0.5 per cent increments each year until it reaches 12 per cent by 2025.
Asked to guarantee that the government won’t move to overturn future increases if re-elected next year, Ms Hume said, “it can’t without opposition support, and it won’t be because it is already legislated”.
“It’s legislated, it’s done, it’s going ahead. We promised that ages ago and that promise hasn’t changed, the commitment hasn’t changed. It’s there,” she said.
Ms Hume also ruled out making parts of the increase optional.
“It’s not policy. It’s not something that we are considering,” she said.
Industry Super Australia’s chief executive Bernie Dean welcomed Ms Hume’s reiteration.
“We welcome the minister giving an ironclad commitment that a re-elected Coalition government would not alter the super guarantee increase in any way,” Mr Dean said.
Joining Ms Hume at the event, Labor’s financial services spokesman Stephen Jones voiced his scepticism, noting that while the super guarantee was legislated back in 2012, it was frozen for the best part of a decade.
“Labor for its part will say to the Australian people we are 100 per cent committed to ensuring that in every July, between now and 2025, your superannuation contributions will go up by 0.5 per cent of your pay,” Mr Jones said.
The legislation foreseeing an increase in the superannuation guarantee to 12 per cent was passed by the Gillard government in 2012 but was put on ice in 2014 at 9.5 per cent. It wasn’t until 1 July 2021 that the rate eventually received a 0.5 per cent bump to 10 per cent.
RELATED ARTICLES
About the author
About the author
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Aware Super appoints Simon Warner as Chief Investment Officer
Aware Super has announced the appointment of Simon Warner as Chief Investment Officer, effective 1 December 2025, following a competitive global search to replace outgoing CIO Damian Graham, who ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Aware Super appoints Simon Warner as Chief Investment Officer
Aware Super has announced the appointment of Simon Warner as Chief Investment Officer, effective 1 December 2025, following a competitive global search to replace outgoing CIO Damian Graham, who ...Read more
