Financial Services Minister Chris Bowen has put up a new challenge to the Coalition as the latter had been explicitly against the government's plan to increase the SG to bridge the foreseen $695 billion funds deficit.

Speaking at the conference yesterday, Mr Bowen said the phased in increase in the SG from 9 to 12 percent, beginning in 2013, was a critically important part of the nation's plan to strengthen its savings for retiring Australians.

Mr Bowen said increasing the SG was not the only solution, however, the Coalition has not put up an alternative plan.

Earlier reports by the Australian said the superannuation guarantee levy, introduced by Labour Party, would never have reached even 9 percent under a Coalition government and said Opposition Leader Tony Abbott had said the SG would increase "over his dead body".

"If they want to be taken seriously, where's their plan to deal with the retirement income savings gap?" Mr Bowen said.