Changes suggested by the Cooper Review on Australia's superannuation system seemed to have affected a wide array of industries as some businesses and the indigenous art market both aired their concerns on Tuesday that the revisions to be implemented by the government could severely impact their respective sectors.

Under the new system, the federal government is set to raise compulsory superannuation contributions to 12 percent annually from its current rate of nine percent, in which about 70 percent of business owners polled by the Australian Chamber of Commerce and Industry (ACCI) complained that such regulation would prevent them from hiring more staff.

Also, from a total of 1100 business respondents, up to 80 percent expressed mixed concerns on finding the funds for the super levy while 75 percent raised some questions on the present level of payroll tax being imposed by the state and territory governments.

ACCI chief executive Peter Anderson said that the survey is indicative of the many issues that the government must deal with to address many business concerns on the revised superannuation system.

Mr Anderson added that "we look to the commonwealth in taking a leadership role in restructuring federal-state financial relations to enable taxes on jobs to be progressively reduced and eliminated over time."

On the other hand, the indigenous art market called on the government to reconsider the system's new provision of preventing self-managed superannuation funds from investing in art as the sector stressed that the market has already absorbed severe losses since the Cooper review was released last month.

Accountant Tom Lowenstein said that the proposed changes were detrimental for the industry since self-managed superannuation funds currently supports up to 15 percent of the indigenous market and its eventual withdrawal would lead to an uncertain market.

Mr Lowenstein urged the government to junk the recommendations as he stressed that "it is quite obvious that sales have already been significantly reduced over the last two months."

On his part, Superannuation Minister Chris Bowen said that the ministry is currently studying all the complaints regarding the systems' new provisions, which were deemed disadvantageous by some sectors as he gave assurance that all recommendations received so far were being seriously considered and a decision on the matter would be released soon.