SG rate rise had business support
More than half of businesses backed the super guarantee (SG) rate rise, according to a Sunsuper survey of more than 500 small to medium business owners.
The survey showed 59 per cent supported the rate rise, including 14 per cent who strongly supported it.
The Galaxy research survey, conducted on behalf of Sunsuper, showed among businesses with 20 or more employees, support for the SG rose to 85 per cent.
Most businesses planned to fund the rise from business savings/reserves (55 per cent), while 21 per cent would freeze pay rises, 15 per cent would reduce bonuses and 9 per cent would cut pay.
"The shifting of the goal posts makes it difficult for people to have confidence in the Australian superannuation system, for businesses to effectively plan, and for employees to save for retirement," CEO Scott Hartley said.
The survey also showed Australian businesses would reinvest the money they would have used to fund extra SG payments into their business (77 per cent), give staff a pay rise (10 per cent), or give staff bonuses (9 per cent).
Recommended for you
Australia’s superannuation funds are becoming a defining force in shaping the nation’s capital markets, with the corporate watchdog warning that trustees now hold systemic importance on par with banks.
Payday super has passed Parliament, marking a major shift to combat unpaid entitlements and strengthen retirement outcomes for millions of workers.
The central bank has announced the official cash rate decision for its November monetary policy meeting.
Australia’s maturing superannuation system delivers higher balances, fewer duplicate accounts and growing female asset share, but gaps and adequacy challenges remain.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
