The Association of Superannuation Funds of Australia is continuing a push for the superannuation guarantee to rise to 12 per cent, releasing a survey it said showed “overwhelming support” for the move.
Known by its acronym ASFA, the association engaged CoreData to poll 1,000 Australians about their views on compulsory super as well as the standard of living they are aspiring to in retirement.
“A significant majority of those surveyed (over 90 per cent) support, or strongly support, compulsory superannuation, with nearly 70 per cent indicating that they strongly support it,” ASFA said in a statement.
“Levels of support for the current system also were very much the same across households with different levels of household income.”
Respondents were also asked about the rate at which super is paid to employees, and whether it should be increased from 9.5 per cent to 12 per cent by 2025.
“The overwhelming majority of respondents also supported or strongly supported the scheduled increase in the SG to 12 per cent, with around 80 per cent of respondents across a range of demographics either supporting or strongly supporting the increase,” it said.
Presenting the findings in a report titled Community support for compulsory superannuation, ASFA said there was only “a very small proportion of respondents” who opposed the contribution rate increasing to 12 per cent.
According to the report, 5.5 per cent of the 1,000 people polled opposed the increase, and a further 2.3 per cent strongly opposed it. Some 12.4 per cent were neutral.
Support for the increase was 26.2 per cent, while more than half — 53.7 per cent — said they strongly support the move.
It noted that older respondents were “more likely to strongly support the increase”, given that “greater proximity to retirement age might focus the mind of individuals on the need for retirement savings”.
Speaking on the results, ASFA CEO Dr Martin Fahy (pictured) said that “the Australian compulsory superannuation system is one of the great successes of public policy in Australia and it receives strong support from the Australian community”.
“Australians deserve to enjoy their retirement. To achieve that, they will need compulsory superannuation so they have the capacity to spend well above what the age pension provides for retirees,” he said.
The survey was conducted in March this year, before May’s federal election had even been called.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.