The review found that Australia’s retirement system was “sound, stable and effective” and that there were limited arguments for proceeding with the legislated increase to 12 per cent.

“Maintaining the superannuation guarantee rate at 9.5 per cent would allow for higher living standards in working life,” Mr Frydenberg said, quoting the report.

“Working life income for most people would be around 2 per cent higher in the long run… the most effective way for people to secure themselves in retirement is not necessarily an increase in the superannuation guarantee, but by more efficiently using the savings that they do have.”

However, Mr Frydenberg stopped short of saying the Morrison government would move to cut the legislated increase, pushing the decision back to the May budget while noting that Australia was “living in a very different economic environment than we were last year”.

More to come. 

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