Published: August 31, 2020
A freeze in the superannuation guarantee rate would mean a net loss in lifetime income for low and middle income Australians
Josh Frydenberg confirmed on Sunday that the government is considering ditching its election commitment to go ahead with the scheduled increase in the superannuation guarantee to 12%.
Saying it is being reconsidered “in the middle of a crisis”, the treasurer echoed the prime minister’s statement a week earlier. Drawing on comments by the Reserve Bank chief, Philip Lowe, that if the legislated increase went ahead he “would expect wage growth to be even lower than it otherwise would be”, Scott Morrison invoked the old “events, dear boy” excuse for breaking his promise to Australian workers.
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