1 July 2022

A super increase for hardworking Australians

Note

Joint media release with
The Hon Stephen Jones MP
Assistant Treasurer

From today, Australian workers will benefit from a boost to their superannuation.

The permanent 0.5 percentage point rise in the Superannuation Guarantee rate from 10 per cent to 10.5 per cent will increase most employees’ super balance at retirement by around 3 per cent.

For the average Australian worker, that means around an extra $15,000 at retirement.

This change will make a meaningful difference for millions of Australians who need and deserve a dignified retirement.

For example, a recent school leaver who starts their career at a local grocery store where they work their whole career until Age Pension age of 67 will retire with an extra $15,500 as a result of the permanent 0.5 percentage point increase in the Super Guarantee.

While a 40‑year‑old construction worker who retires at 60 due to the physical demands of their job retires and accesses their super until they are eligible for the Age Pension will have an extra $7,800 higher at retirement as a result of the permanent 0.5 percentage point increase in the Super Guarantee.

Today’s increase to 10.5 per cent is just another step on the way to a legislated 12 per cent rate by 2025.

When the full increase is achieved, it will deliver an extra $76,000 to the typical Australian worker in retirement.

The Liberals fought against superannuation when it was introduced thirty years ago, some Liberals fought this increase to the Guarantee now, and the same old Liberals cannot be trusted as the custodians of super in the future.

Labor built Australia’s superannuation system, we are proud of it, and we’ll always fight to strengthen it.