Majority of Australians Support Rise in SG to 12%

Pauline VamosThe survey, which was conducted by brand management and commissioned by ASFA, found there was strong support across a wide range of age and salary demographics for increasing the SG to 12%.

Support was the strongest among females, low to middle-income earners and younger people - with almost universal support from those aged between 25 and 29 years.

Three out of four Australians support a rise in SG and they need a retirement income of $40,000 or more, according to a poll released today by the Australian Institute of Superannuation Trustees (AIST).

ASFA Chief Executive Officer, Pauline Vamos said the same proved that being self-sufficient in retirement and able to pursue an active lifestyle is not only important for retirees, but also for Australia's consumer-based economy.

He said that, "the increase in the SG and the introduction of the rebate of contributions tax for low-income earners will have substantial and favorable impacts for all Australian workers with super".

According to AIST, workers in the 18-34 year age group are more confident than their older peers that the proposed changes would give them enough super for retirement.

It was also noticed that more than 75% of Australians were in favor of the Government's proposed $500 super rebate to workers earning less than $37,000 a year.