The new government will consider boosting superannuation to 15 per cent and has spoken to Treasury about requiring businesses to pay super at the same time they pay wages.
In a win for the super sector, Mr Jones revealed he had spoken to Treasury this week about requiring employers to pay superannuation at the same time as they pay wages, telling theEmployers are only required to pay superannuation quarterly, which some elect to do to boost cash flow.
Mr Jones said he was focused on introducing a set of bills that could get through Parliament quickly. The Morrison government had considered levying individual fines worth up to $1,050,000 for law-breaking executives in the FAR, but the penalties were removed from the legislation afterMr Jones said he wanted to pass a broader version of the Compensation Scheme of Last Resort than that proposed by the Coalition, but he was consulting about the best way to bring in additional sectors such as managed investment schemes.
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