Former Liberal federal treasurer Peter Costello believes the Morrison government is right to reassess the legislated increase to the compulsory superannuation guarantee, faced with the impact of the coronavirus pandemic.
The super guarantee is legislated to incrementally rise from 9.5 per cent to 12 per cent, starting with a move to 10 per cent next year.
But the government is laying the groundwork to abandon its election commitment to stick with the increase, claiming it could impact on wages and jobs as businesses try to bounce back from the crisis.
Mr Costello, now chair of the Future Fund, said the increase to the super guarantee needs to be assessed in the light of the current economic environment.
Presenting the fund's annual results on Wednesday, he said unemployment is high and business profitability is being affected by the pandemic.
"You can't just sort of say what looked good a few years ago is going to look good in the current climate," Mr Costello told reporters.
"I think the government is right to reassess it, to look at it very carefully."
He won't pre-empt the outcome but said the idea that because something is set in stone several years ago has to be followed through is wrong.
"Everything has changed in the last year because of the pandemic and because of the economic shutdown," he said.
He said tax, fiscal and monetary policy will all have to be reassessed in light of the crisis.
Former Labor prime ministers Paul Keating and Kevin Rudd teamed up this week to accuse the coalition of trying to destroy the superannuation system.
Former Treasury secretary Ken Henry also supports pushing ahead with legislated increases, describing it as long-term structural reform of great benefit to Australians.
The increase in the super guarantee has already been delayed a number of years by former prime minister Tony Abbott and his then treasurer Joe Hockey.