Treasurer tight-lipped on super increase

Matt CoughlanAAP
Josh Frydenberg does not want to ruin the budget "surprise" by confirming the super increase.
Camera IconJosh Frydenberg does not want to ruin the budget "surprise" by confirming the super increase. Credit: AAP

Treasurer Josh Frydenberg is remaining tight-lipped about speculation the government will repel a backbench push to dump increasing the superannuation guarantee.

The coalition has not ruled out scrapping the legislated increase, which calls for a rise from 9.5 per cent to 10 per cent from July before reaching 12 per cent in 2025.

While reports suggest the Morrison government will allow the rise to 10 per cent, Mr Frydenberg refused to weigh in.

“I know you’d love us to comment on every bit of media speculation about the budget but then we’d ruin the surprises for budget night,” he told reporters in Canberra on Thursday.

The treasurer said his focus had been on passing reforms designed to lower fees through allowing people greater transparency on funds’ performance.

Labor’s superannuation spokesman Stephen Jones challenged Scott Morrison to rule out scrapping the legislated rise in the guarantee.

“He’s backgrounding journalists in Canberra that he is going to allow the superannuation guarantee increases to go through,” Mr Jones told reporters in Hobart.

“Well it’s time for Scott Morrison to stop playing games. It’s time for him to come out today and unequivocally confirm that he will commit to not cutting superannuation.”

A rump of Liberal and Nationals MPs have been agitating for the government to dump the superannuation rise.

The prime minister last year said he was open to abandoning the rise because of the economic impact of the coronavirus pandemic.

Opposition Leader Anthony Albanese has warned Mr Morrison of a “heavyweight title fight” if the coalition scraps the legislated increase.

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