Shadow treasurer Joe Hockey has ruled out matching Labor's plans to raise the compulsory superannuation rate to 12 per cent from its current 9 per cent.
In a speech yesterday, Mr Hockey acknowledged the need to expand the $1.1 trillion superannuation savings pool to meet the retirement needs of Australia's aging population but flagged tax changes as a preferred option rather than a higher super rate.
"We do need to increase national savings," Mr Hockey said. "There's no doubt about that but...there has got to be a better way to do it."
Labor has signalled their intention to push ahead with a higher superannuation guarantee, while introducing the MySuper, low-cost option. Those plans, along with related back-office technology reforms known as Super Stream, would add $108,000 to the average 30-year old's super balance at time of retirement, according to Labor's numbers.
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