By Eryk Bagshaw
Treasurer Josh Frydenberg has ruled out raising the pension age as part of the first retirement income review in 30 years.
Mr Frydenberg was asked if the government would consider raising the pension age as part of the wide-ranging inquiry into superannuation, savings and housing that will dominate Treasury's agenda for the next year.
"No, it's not, what we’re focusing on is, again, developing an evidence-based approach to future policy decision." he said in Melbourne on Saturday.
Treasurer Josh Frydenberg. Credit: AAP
"This will be the first holistic review of our retirement income system since compulsory super came in in the early 90s."
Shadow treasurer Jim Chalmers accused the government of burying the terms of reference for the review by releasing them on a Friday afternoon before the AFL grand final.
"If the government was serious about this retirement incomes review they wouldn't have dropped it out on the eve of grand final weekend hoping nobody would notice,"he said.
Mr Frydenberg said the government "continued to support" the legislated timetable for compulsory superannuation increases from 9.5 per cent to 12 per cent by 2025.
Half a dozen Coalition MPs have raised concerns about the timetable, arguing workers need more money now than savings for their retirement. They will use the inquiry to lobby against the increase despite cabinet backing the rise in the superannuation guarantee.
The Treasurer said the family home would not be part of the asset test for the pension.
"Our position hasn’t changed and that will never be part of our policy," he said.