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).
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.