New financial year brings boost to all workers’ super balances including 300,000 who previously received no super at all.
A 0.5% increase to the Super Guarantee (SG) rate has seen minimum super rise to 10.5% (as part of a legislated commitment to increase super to 12% in 2025).
The 0.5% increase will add 3% or $15,000 to the average workers’ retirement balance in a working lifetime.
Meanwhile the $450 monthly earnings threshold for super eligibility has also been removed.
The threshold meant lower-paid workers and those working for multiple employers missed out super payments equating to $59 million each year.