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SG rate rise had business support
More than half of businesses backed the super guarantee (SG) rate rise, according to a Sunsuper survey of more than 500 small to medium business owners.
The survey showed 59 per cent supported the rate rise, including 14 per cent who strongly supported it.
The Galaxy research survey, conducted on behalf of Sunsuper, showed among businesses with 20 or more employees, support for the SG rose to 85 per cent.
Most businesses planned to fund the rise from business savings/reserves (55 per cent), while 21 per cent would freeze pay rises, 15 per cent would reduce bonuses and 9 per cent would cut pay.
"The shifting of the goal posts makes it difficult for people to have confidence in the Australian superannuation system, for businesses to effectively plan, and for employees to save for retirement," CEO Scott Hartley said.
The survey also showed Australian businesses would reinvest the money they would have used to fund extra SG payments into their business (77 per cent), give staff a pay rise (10 per cent), or give staff bonuses (9 per cent).
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