Brogden condemns Hockey on SG
The Federal Opposition’s decision to contest the lift of the superannuation guarantee has sparked condemnation from Investment and Financial Services Association (IFSA) chief executive John Brogden.
Following the Shadow Treasurer Joe Hockey’s announcement that the Coalition would not support the lift of the superannuation guarantee to 12 per cent, Brogden called on the Opposition to “reverse its position”.
“This is a bad outcome for Australians and their retirement incomes,” Brogden said.
“Australians need more superannuation if they are to get anywhere near an adequate retirement,” he added.
Brogden said IFSA had been explaining to governments for years that Australians had not saved enough for their retirement and the superannuation guarantee must increase to at least 12 per cent.
“Our research shows that Australians face a $690 billion savings gap and 9 per cent superannuation is simply not enough,” Brogden said.
He added that increasing the superannuation guarantee over a number of years, combined with cuts in corporate tax, would have ensured the increase would not have burdened industry.
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