Australians in overwhelming support of superannuation increase

IT seems most Australians are in support of raising superannuation rates, according to new data.

The Association of Superannuation Funds of Australia (ASFA) conducted a nationwide survey, finding an overwhelming majority want to see the rate increased to 12 percent.

1,375 Australian were surveyed in October, with 75 percent in support of the scheduled increase.


Only 12 percent of people wanted the rate to remained unchanged at 9.5 percent.

75 per cent of respondents said that they would struggle to live on the Age Pension alone, which is currently $24,551 a year for a single and $37,000 a year for a couple.

ASFA CEO Martin Fahy says it’s clear that Australians value their superannuation.

“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,” Mr Fahy said.

ASFA predicts that by increasing the superannuation rate to 12 percent, around half of all Australian retirees will be self-funded by 2050.