11.5 per cent Superannuation Guarantee forecast to deliver up to $21,000 for retirement savings bump   :)



News.com.au
July 21, 2024

The average Australian will be $21,000 richer in retirement following changes to superannuation payments that kick in from this month, new analysis has revealed.

The Superannuation Guarantee, or the retirement payment employers must pay into employees’ super funds each month, lifted from 11 per cent to 11.5 per cent this month.   :)

The Treasury Department estimates an average worker on $72,000 will pocket an $21,000 in savings at retirement from the change.

The government is progressively lifting the mandated payments from 10 per cent to 12 per cent of earnings, with the 12 per cent guarantee to kick in from July 2025.

The average worker will pocket about $64,000 more at retirement taking into account all rises in Super from 10 per cent to 11.5 per cent.

“Wages growth and tax cuts are putting cash in people’s pockets now and our increase to the super guarantee will put cash in people’s pockets for the future,” Treasurer Jim Chalmers said.

Federal Treasurer Jim Chalmers said the lift in Super would make a ‘meaningful difference’ for Australians in retirement.


“The superannuation guarantee has increased three times under our government and this means an extra $64,000 at retirement for the average worker.”

The Treasury estimates part-time workers will also receive a savings boost from the new guarantee.


A 35-year-old part-time shop assistant is expected to pocket an extra $5000 at retirement from the 0.5 per cent lift from 11 per cent to 11.5 per cent.

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How much you’ll get in July 1 changes
Superannuation is designed to ensure financial security for Australians in retirement and reduce pressure on pensions.

Prime Minister Paul Keating introduce the scheme in 1992.

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

It's a super scam. For putting the children of financial advisers and bureaucrats through private school. All because labor invented the previous delusion - that everyone is entitled to leech off the taxpayer in their old age rather than planning for it themselves.

They are merely swapping the delusion of free money from the government for the delusion of free money from your boss, and fund managers who will look after your savings out of the kindness of their heart.

And Gough took our DFRDB  and put it into Consolidated Revenue, but didn't keep records.

Keating,( the dickhead) developed compulsory super because the unions needed a win in wages growth but Keating was such a pathetic manager he could only provide it via " imagery".

We all get a pay rise but you don't get any money.

To be fair the country was going into the recession he didn't have the brains or talents to stop?

The Bob Hawk and Keating Labor government sold this country workers out to the Chinese .