The AIST chief executive Eve Scheerlinck said that the member funds were committed to working with the government for better retirement outcomes for Australians.
“We will continue to strongly advocate for policies that improve the fairness and sustainability of superannuation for all Australians, which includes a commitment to raising the Superannuation Guarantee to 12 per cent as scheduled,” Ms Scheerlinck said.
The current super guarantee is 9.50 per cent and isn’t scheduled to rise until the second half of 2021 when it is scheduled to rise to 10 per cent.
Labor during the election campaign said it would increase the super guarantee from 9.5 per cent to 12 per cent sooner than the Coalition.
However, the government made no such promise and currently has no plans to change the guarantee.
But the Morrison government did promise a raft of other changes for superannuation including a relaxation of the work test for older Australians and lowering the annual non-concessional contributions cap.
The super industry had to grapple with a lot of upcoming changes, said Ms Scheerlinck, and needed the government to ensure smooth implementation of recent legislation.
“The implementation of the Protecting Your Super package of reforms, along with several other key policy changes, requires a focused and committed government to ensure smooth implementation for the industry and the best outcome for super fund members,” she said.
The AIST also congratulated Senator Jane Hume on her appointment as Assistant Minister for Superannuation, Financial Services and Financial Technology under the Morrison government.
