Super guarantee hike will 'cut lifetime income'

Ronald Mizen and Aleks Vickovich

Nov 19, 2020 – 10.30pm

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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.

Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra.

Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation.