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Delaying super guarantee hike will cost jobs: Cbus boss

Delaying a rise in the superannuation guarantee will cost jobs at a time when they are sorely needed, newly installed Cbus chief executive Justin Arter has warned amid a major recession and unemployment crisis.

Mr Arter, who joined the Construction and Building Unions Superannuation fund in late-August, acknowledged the federal government’s concerns about going ahead with legislated hikes to the mandatory retirement contributions, but disagreed with delaying them.

Cbus boss Justin Arter.

Cbus boss Justin Arter.Credit:Josh Robenstone

“Further delaying this [rise] will further compromise the ability of the funds to do exactly what you want them to do, which is invest in the economy, frankly to create jobs,” he said.

The super guarantee is scheduled to rise 0.5 per cent a year from next July to a total of 12 per cent by 2025, up from the current rate of 9.5 per cent.

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