9 November 2020
ASFA: 75 per cent of Australians support increasing the Super Guarantee to 12 per cent
The Association of Superannuation Funds of Australia (ASFA) has today released the results of a nationwide survey which finds that an overwhelming majority of Australians support the current compulsory superannuation system and want to see the Superannuation Guarantee (SG) increased.
1,375 Australians were surveyed in October about their views on superannuation, the Age Pension and their standard of living expectations for their retirement.
75 per cent support the scheduled increase in the SG rate to 12 per cent. Only 12 per cent support leaving the SG rate unchanged at 9.5 per cent.
“Without question, Australians value their superannuation and they clearly support measures aimed at helping them to build the nest egg necessary to fund a dignified retirement in this country,” said ASFA CEO, Martin Fahy.
75 per cent of respondents said that they would struggle to live on the Age Pension alone. Currently the Age Pension is $24,551 a year for a single and $37,000 a year for a couple. Only 30 per cent said they could have a comfortable lifestyle in retirement spending less than $50,000 a year.
“Australia’s superannuation system enables Australians to retire with dignity. With the legislated increase of the Superannuation Guarantee to 12 per cent, and as the superannuation system matures, we expect to see a greater proportion of retirees relying less on the Age Pension and more on their superannuation.”
By lifting the SG to 12 per cent, ASFA predicts half of all Australian retirees will be self-funded by 2050, countering the pressure of an ageing population on generations of future taxpayers.
Key findings:
- 75 per cent of those surveyed support the scheduled increase in the Superannuation Guarantee (SG) to 12 per cent
- 75 per cent of respondents indicated that they would struggle to live on the Age Pension alone
- Only 30 per cent indicated that they could have a comfortable lifestyle in retirement spending less than $50,000 a year
State breakdown of support for 12 per cent SG:
| INCREASE TO 12% | LEAVE AT 9.5% | UNSURE | |
|---|---|---|---|
| NSW | 71% | 13% | 16% |
| VIC | 73% | 16% | 11% |
| QLD | 75% | 13% | 12% |
| SA | 78% | 11% | 11% |
| WA | 79% | 8% | 13% |
| TAS | 77% | 9% | 14% |
For further information, please contact:
Jacqui Maddock, 0451 949 300.
About ASFA
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.
