Treasurer Josh Frydenberg has hinted at a delay in increasing compulsory superannuation contributions after a landmark report said higher rates could hurt wage growth and would be poorly timed given the COVID-19 economic hit and rising house prices.

Releasing the 650-page report by former IMF director and senior Treasury bureaucrat Michael Callaghan, Mr Frydenberg said there was clear evidence the legislated superannuation guarantee increase could hurt wage growth and standards of living.