A better return from the finite resources owned by all Australians will also help secure the financial future of 8.4 million Australian workers.
The revenues from the new resource taxation regime, announced today by Treasurer Wayne Swan, will go towards building superannuation savings.
Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, said "The Government's Stronger, Fairer, Simpler reforms, announced on 2 May 2010, will deliver substantial improvements in retirement savings and a fairer distribution of taxation concessions, ensuring more Australians can enjoy a comfortable retirement."
This means an extra $108,000 in superannuation savings at retirement, for a 30 year old worker earning $65,000 today.
"More retirement savings will also mean a stronger economy. The Government's reforms will provide more national savings to invest in nation-building infrastructure." Mr Shorten said.
Australia's total superannuation savings are estimated to increase to $6.2 trillion by 2036, including $550 billion from the Government's superannuation reforms.
"The revenue from the Mining Rent Resource Tax (MRRT) will help offset the loss of taxation revenue from increasing incentives to save through superannuation."
"It is clear from the recent profit announcements by BHP Billiton ($11 Billion), Rio Tinto ($14 billion) and other big miners that the time is right for the MRRT, which taxes the enormous profits of those companies – profits made by digging up the resources owned by all Australians – and gives it back to all of us through more regional infrastructure, business tax cuts and, of course, better superannuation."
"The Government's historic superannuation reforms include increasing the Superannuation Guarantee to 12 per cent from 1 July 2013. The Guarantee age limit will also rise from 70 to 75."
The Government will also contribute to the super savings of low income earners from 1 July 2012.
"We'll ensure effectively no tax is paid on super guarantee contributions made on behalf of low income earners, by providing a contribution of up to $500 annually to individuals on adjusted taxable incomes of up to $37,000," he said.
"As previously announced, workers aged 50 and over with superannuation balances below $500,000 will be able to make up to $50,000 in annual, concessional superannuation contributions."
"The Opposition don't care about helping people save for their retirement. They opposed these changes at the last election, and their election policy was for less super for workers, no concessions for 3.5 million lower income earners and lower contribution caps for over 50s."
"We're getting used to the Coalition saying 'no' to everything, but it is about time they got on board and realised that increasing super is good for individuals, good for businesses and good for the long-term interests of the country," Mr Shorten said.
More information on the Government's superannuation reforms is available at www.futuretax.gov.au.