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Government under pressure to repeal superannuation legislation

The federal government may be forced to backtrack on the super guarantee rise from 9.5 to 12 per cent in the wake of COVID-19’s devastating impact on jobs.

Assistant Minister for Superannuation Senator Jane Hume told Ray Hadley she’s aware of the concerns raised by industry commentators and backbenchers, who argue the 0.5 per annum rise will have a negative impact on the nation’s recovery.

“I think that we’re going to feel a considerable amount of pressure next year from businesses, and potentially from employees or people that aren’t in work, … that might find that there are fewer jobs, or fewer opportunities for wage rises out there because of a rise in the super guarantee.”

Ms Hume was not enthused at the suggestion reversing or delaying the legislation would need the support of the Opposition, whom she said are “entirely wedded” to the rise.

“Undoing legislation, by its very nature, is a very, very difficult thing to do.”

“Difficult, Senator, but not impossible,” Ray pointed out.

“You can’t have your cake and eat it too.”

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