The elderly and the superannuation industry would most welcome an increase in the superannuation guarantee (SG) levy because it will mean more than 10 percent in retirement income.

An earlier agreement with independents covered the measure and two other measures. Under the deal, the present minority Labor government will also ban financial adviser commissions and implement the Superstream and Mysuper reforms recommended by the Cooper review.

An extra $500 billion will be added to the pool of super assets by 2035 with a staggered increase in the SG. The 9 to 12 percent increase over six years from 2013-14 is expected to narrow down the retirement savings gap.

Superannuation industry representative Financial Services Council estimates the increase in the SG will raise the retirement income from the current 10 percent under a 9 percent SG. Morever, the council estimates the Superstream efficiency reforms will save $20 billion.

However, the council's chief executive John Brogden remained cautious of the independents' promise. He said, “We can't automatically assume everything they (Labor) went to the election with will stay on the agenda.”

The Coalition party had opposed the the increase in the SG and the banning of financial commissions.

Industry-wide support for the proposed reforms continues to grow. The Association of Superannuation Funds of Australia chief Pauline Vamos urged the new government to implement the key reforms.

Even Industry Super Network chief executive David Whiteley is optimistic. He said, “We don't necessarily know the position the independents have on the specifics of the reforms... We are hopeful we can see some legislation over the life of the parliament.”