Published: 30 Jun 2023
About 8.8 million Australians will benefit from a boost to their nest egg as the Super Guarantee rate increases from 10.5% to 11%.
From July 1 an extra $330 a year will flow into the super accounts of the typical Australian worker.
This year’s super boost may be small, but it will make a big difference to a worker’s nest egg – with a 30-year-old on the median wage expected to have an extra $18,300 at retirement due to the super rate lifting 0.5% on July 1.
The Super Guarantee rate is legislated to rise to 12% by 2025 by annual 0.5% increases.
The bipartisan commitment to 12% super, will deliver an extra $48,600 for the typical 30-year-old worker’s retirement balance.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.