The Federal Opposition leader, Tony Abbott, has made his position clear on the proposed rise in the superannuation guarantee from its current level of 9%.

The Government has announced changes that, if agreed to by parliament, will gradually increase the superannuation guarantee rate from 9% to 12% between the 2013-14 and 2019-20 years.

At a Financial Services Council (FSC) breakfast in Sydney earlier today, Mr Abbott confirmed the Coalition would not vote in support of the proposed legislation. However, he also admitted that if the legislation was to pass through Parliament, the Coalition would not repeal it if they get into power.

"We aren't going to support it in the parliament but if it goes through, we will not rescind it.

"Once these things are there we don't add to them but we don't roll them back, that's the approach that we will take to the current legislation," he said.

Mr Abbott noted the importance of adequate retirement incomes for Australians, particularly with an ageing population, and conceded the current SG level could be higher. However, he said he would prefer to offer incentives rather than "compulsion" when it came to retirement savings for the Australian people.