John Brogden, CEO of the Financial Services Council, said the decision to double the concessional contribution cap to $50,000 for individuals aged 50 and over with balances below $500,000 would go a long way to delivering Australians an adequate retirement.

“Raising the contribution caps recognises that many people have the capacity to increase their superannuation contributions in their 50s and should not be discouraged from doing so,” Mr Brogden said.

“This measure, combined with the Government’s commitment to increase the Superannuation Guarantee to 12 per cent, will help address Australia’s $897 billion retirement savings gap as well as the pressures associated with an ageing population.”

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