An industry group lauded the federal government's increasing commitment to the country's superannuation system and declared that millions of Australians are set to enjoy comfortable retirement, thanks to further payments earmarked to the fund as afforded by the revised mining tax.

The Investment and Financial Services Association said on Friday that the compulsory increase of super payment to 12 percent of earnings from the previous nine percent should ensure that more Australian would be covered by a well-deserved and easy retirement plan.

The group, which represents retail superannuation fund, said that "increasing superannuation to 12 per cent will ensure millions more Australians have an adequate retirement."

Chief executive John Brogden, also a former NSW Liberal party leader, added that the government's move would specifically benefit the low income earners as the government's $500 contribution would render their super contributions tax to zero percent.

Mr Brogden said that with that default contribution, "the value of super contributions made by low income earners will almost double."

He added that the ability to still contribute to super even at the age of 75 was a serious incentive for Australians to go on working even at an old but productive age, as he stressed that "many people increase their contributions to their super in their 50s and should not be discouraged from doing so."

Mr Brogden said that the apparent break of the stalemate between the government and the resource industry should bring about better investment conditions in Australia's mining sector in the days to come.