A new payday super law has passed the Senate in a win for all workers.
The payday super law means employers will be required to pay superannuation at the same time as wages from 1 July 2026.
Payday super has been welcomed by unions and superannuation funds alike as it will make fighting super theft easier and ensure workers receive the benefits of compound interest sooner.
Super theft comes at high cost
The Australian Council of Trade Unions (ACTU) said super theft affects 3.3 million workers, costing them approximately $5.7 billion per year.
“Payday super means millions of workers will retire with tens of thousands of dollars more in superannuation, not just by reducing super theft, but by earning faster and more compound interest from their super,” ACTU Assistant Secretary Joseph Mitchell said.
