Scott Morrison will delay a decision on whether to ditch next year’s scheduled rise in the compulsory superannuation contribution until the May budget over concerns that lifting it would smash wages as the economy recovers from the pandemic.
Increasing the compulsory superannuation contribution from 9.5% to 12% will certainly not smash wages. It will be great for the superannuation fund managers and superannuation trustees and superannuation administrators and accountants and lawyers and other hangers-on. It’s won’t smash their wages. It will boost them.
After all, without compulsory superannuation, would:
[T]he mean total compensation paid to surveyed chief investment officers and heads of equities was $704,167 – and 50 per cent of those interviewed earned more than $750,000, while 17 per cent snared more than $1 million. The mean base salary – pre-bonus – was $400,000.