The increase has also been opposed by Grattan Institute academics, in a submission to the retirement income review, who argue increasing the guarantee is a trade-off with wage growth. The review panel handed a report to Treasury on July 24, but it has not been made public.
Mr Keating also criticised the federal government's super early-access scheme, allowing struggling workers access to up to $20,000 of their super fund in two tranches, as a "breach of the preservation rules".Ms Hume said the early-release super program, used by 2.6 million people, had proven to be the "right program for the time".
"This demonstrates how extraordinarily out of touch Paul Keating and Labor are," she said. "This is not theft from the taxpayer ... this is people accessing their own money." Bill Kelty, a former secretary of the Australian Council of Trade Unions and an architect of Australia's superannuation system defended the 12 per cent rate, saying the government'sMr Kelty supported the withdrawal scheme for those suffering financially during the pandemic, but said access should be tightened to make sure people weren't accessing money they did not need.
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