The superannuation industry appears to be backing the Australian Labor Party (ALP) to win the next Federal Election.
The industry also appears to prefer the Australian Labor Party’s approach to superannuation policy to that of the Liberal/National Party Coalition.
In a survey conducted during the recent Association of Superannuation Funds of Australia national conference by Money Management’s sister publication, Super Review, respondents were asked which party had the best policy approach to superannuation, with 57.1 per cent nominating the ALP, compared to 14.2 per cent for the Coalition Government.
Just as importantly, when asked which party would win the next Federal Election, 71.4 per cent nominated the ALP while 14.2 per cent nominated the Coalition.
A crucial factor in this outcome may have been the Coalition’s approach to the superannuation guarantee (SG), almost 70 per cent of respondents wanting the SG increased to 12 per cent or beyond as soon as possible.
Asked what they believed should happen with the SG, no respondents nominated leaving it at the current 9.5 per cent, while 42.8 per cent wanted it increased to 12 per cent as soon as possible, with only 28.5 per cent wanting it to be tied to the Government’s current timetable of 2025.
Significantly, 28.5 per cent of respondents said they wanted the SG to be targeted to reach 15 per cent by 2025.