The survey of more than 2,000 participants commissioned by the Association of Superannuation Funds of Australia (ASFA) examined community attitudes to superannuation, the industry, compulsory superannuation and the scheduled increase of the Superannuation Guarantee (SG) to 12%.

The Super Guarantee scheme requires employers pay 10% of an employee’s earnings into their superannuation fund.

This is scheduled to rise to 10.5% from 1 July 2022, and will rise half a percentage point each financial year until it reaches 12% in 2025.

ASFA's 81% agreed with the statement "people need to save more superannuation, not less".

Additionally, 58% agree that giving people early access to their super will undermine the fairness of the system.

ASFA CEO Dr Martin Fahy said Australians value superannuation and consider that it is crucial to ensure they have dignity in retirement.

“It is clear that the average Australian believes more money should be saved for retirement and not less," he said. 

"However, many Australians are concerned that while they personally may have saved enough to live well in retirement, others who don’t save might become a burden on taxpayers.

“In this context, there is overwhelming support for maintaining the legislated increase of the SG to 12% and for the compulsory nature of the system."

Other key findings:

  • Three quarters of respondents (75%) agree with the statement that “postponing the super guarantee increases may mean that many people will have to work longer in order to retire”.
  • When a full list of national issues were prompted to respondents, government intervention in the superannuation industry was considered one of the least important priorities. Just 2% of respondents said that they would rank further regulation of the industry as a top priority.

Proposed changes to super in the 2022 budget

According to EISS Super, more flexibility for the Pension Loans Scheme is being proposed for the 2022 budget. 

If successful, participants would now be able to access up to 26 fortnights’ worth of top-up payments as a lump sum.

This measure will provide immediate access to lump sums of around $12,385 for singles, and $18,670 for couples.

The Pension Loans Scheme, also known as the Home Equity Access Scheme, allows senior Australians to draw a fortnightly payment backed by the equity in their home to enhance their standard of living in retirement.

Advertisement

Looking to take control of your retirement? This table below features SMSF loans with some of the most competitive interest rates on the market.

Rates
Features
Fees
Other
Lender
VariableN/AMore details
  • Minimum 30% deposit needed to qualify
  • Available for purchase or refinance
  • No application, ongoing monthly or annual fees.
  • Dedicated loan specialist throughout the loan application
Disclosure

loans.com.au – SMSF 70

  • Minimum 30% deposit needed to qualify
  • Available for purchase or refinance
  • No application, ongoing monthly or annual fees.
  • Dedicated loan specialist throughout the loan application
More details
Disclosure
VariableN/AMore details
  • Offset facility
  • EASY Refinance with minimal documentation
  • Residential & Commercial
  • Australia’s first certified Impact Lender

WLTH – Ocean SMSF 60 P&I ($50k - $2m)

  • Offset facility
  • EASY Refinance with minimal documentation
  • Residential & Commercial
  • Australia’s first certified Impact Lender
More details
VariableMore details
Disclosure

Firstmac – SMSF 70

    More details
    Disclosure
    VariableMore details

    Liberty Financial – Residential SMSF (LVR <80%)

      More details
      VariableMore details
      Disclosure

      Firstmac – SMSF 80

        More details
        Disclosure
        VariableMore details

        La Trobe Financial – SMSF Residential

          More details
          VariableMore details
          • Minimum 20% deposit needed to qualify
          • Available for purchase or refinance
          • No application, ongoing monthly or annual fees.
          • Dedicated SMSF loan specialist throughout the loan application
          Disclosure

          loans.com.au – SMSF 80

          • Minimum 20% deposit needed to qualify
          • Available for purchase or refinance
          • No application, ongoing monthly or annual fees.
          • Dedicated SMSF loan specialist throughout the loan application
          More details
          Disclosure
          • Minimum 30% deposit needed to qualify
          • Available for purchase or refinance
          • No application, ongoing monthly or annual fees.
          • Dedicated loan specialist throughout the loan application

          More details
          Important Information and Comparison Rate Warning

          Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of November 23, 2024. View disclaimer.

          Important Information and Comparison Rate Warning

          Image by Pasja via Unsplash