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What the new superannuation changes mean for you

3AW Breakfast
Article image for What the new superannuation changes mean for you

Australian workers will see an increase in their superannuation contributions beginning today.

Under changes lifting the superannuation guarantee from 9.5 per cent to 10 per cent, the average Victorian worker will have an extra $228 a year flow into their retirement fund.

It’s the first of a series of changes, with annual 0.5 per cent increases boosting the superannuation contribution to 12 per cent by 2025.

While most workers on awards and enterprise agreements will get the super increase on top of their overall package, some companies are deducting it from workers’ wages.

CEO of Industry Super Australia, Bernie Dean, says the increase is “going to make a huge difference to millions of Australians”.

“We’re going to be seeing about 1.7 million Victorians get a boost to their super,” he told Stephen Quartermain and Emily Power, filling in for Ross and Russel.

“We’re talking about an extra $80,000 going into a person’s nest egg by the time we get to 12 per cent, which is where the government has promised to get the super rate to.”

Press PLAY below to hear more on what the changes mean for you

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