Labor's retreat from 15% super guarantee averts clash with business
Backing down on plans to further increase the superannuation guarantee may help avoid a collision between the Albanese government and businesses ahead of the election.
Business groups are prepared to blame the government for exacerbating the cost-of-living crisis and slower wages growth if it revives plans to lift the superannuation guarantee to 15%.
Labor and the Australian Council of Trade Unions have long supported a higher compulsory super contribution. But as reported by Capital Brief this week, while increases to 15% remain part of Labor's official party platform, senior government figures have indicated its priorities currently lie elsewhere.
But if the Albanese government does push forward with the policy, it risks facing a backlash from businesses ahead of the next election.
Council of Small Business Organisations of Australia CEO Luke Achterstraat said further increases in the super guarantee would put SMEs under serious pressure due to current economic conditions.
