Federal Budget will boost the super savings of millions of younger workers
Published: 09 May 2023
Moving super payments to align with wages could give millions of Australians $50,000 more at retirement and drastically curb Australia’s unpaid super scourge which has cost workers $33 billion over seven years.
The federal government should be commended for announcing in this Budget that super should be paid on payday and not at least once a quarter, a measure that will get more workers all the super they have earned.
Two senate inquiries, Treasury and the Australian Taxation Office have all said moving to more frequent super payments could effectively combat the on average $4.7 billion a year unpaid super scourge.