Do you restrict your reading?
I read traditional. adult, young adult, children books and poetry.
There are some brilliant children authors of contemporay novels. The standard of writing is excellent. I believe the standard is higher than that of contemporary adult literature.
There is a dearth of quality contemporary adult novels.
It depends by what you meant 'contemporary'. If you mean it as a genre, then one presumes the writer uses 'modern' usage to target a younger readership, or writes in a literate style and tackles social issues relevant to today's social demographics.
If you mean 'current', then John Le Carré and Johnathan Frantzen, in my view, have the most 'literate' styles; I am being subjective, as I personally steer clear of 'popular' fiction as a matter of choice (and I am not disparaging those types of books, after all, many are best-sellers).
I tend to read historical action but try to avoid my period, for obvious reasons. Plus a couple of favourite authors.
The problem I've found is having to read so much NF for research restricts my fiction reading. I don't have time for children's/YA unless recommended and possibly related to what I write (eg. Michael Morpurgo's Warhorse).
Time is the enemy :(
I refuse to read teen novels that have become a sensation within my age group. Other than that, I read pretty much anything that catches my interest