Treasurer Josh Frydenberg is weighing up changes to Australia’s $3 trillion retirement savings industry.
Mr Frydenberg on Friday was handed the Retirement Income Review report which examines the interaction between superannuation, the age pension and voluntary savings including home ownership.
His office declined to comment on when the report’s findings would be released.
The review covered the current state of the system and how it is expected to perform as Australians live longer and the population ages.
It also considered incentives for people to self-fund their retirement and the sustainability of the system in terms of the federal budget.
The government has previously ruled out including the family home in the pension asset test.
It is also committed to the legislated increase in the compulsory superannuation guarantee from 9.5 to 12 per cent, despite pressure from some coalition MPs not to proceed with the rise.
Industry Super Australia said it hoped the treasurer did not use the review as a stalking horse to go back on the super rate increase.
“For an average 30-year-old couple working full time, cutting the super guarantee increase would deprive them of up to $200,000 in super by the time they retire,” ISA said in a statement.
During retirement they would lose up to 20 per cent of their income or between $7000 to $10,000 a year.
“The community knows that government faces a tough task, but we can’t have this review remaining hidden or used as part of a secret plan for super to create a system where there are those that can have a dignified retirement and those that can’t,” ISA chief Bernie Dean said.
Shadow treasurer Jim Chalmers said the report should be released immediately.
“This government … when they look around and see the way people’s retirement incomes are being eroded, they think the answer is to go after super,” he said.