Increasing the compulsory superannuation rate could disadvantage low-income earners and cut workers' lifetime income by 2 per cent, the much-anticipated retirement income review has concluded, opening the door for the Morrison government to delay or even scrap legislated rises.
The findings of the 10-month probe place a fresh focus on private property ownership as a key tenet of the retirement system, with home owners having better retirement outcomes than renters and more equity to draw down on in their old age.
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Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
