New Superannuation Rule to Boost Retirement Savings
A significant change to superannuation is underway, aiming to deliver more money in retirement through faster payments and fewer missed contributions.
The Australian government has introduced the Payday Superannuation Bill, which requires employers to make superannuation contributions within seven business days of payday, starting from July 1.
Unpaid super totalled almost $5.2 billion in 2024/25
Treasurer Jim Chalmers believes this change will strengthen Australia's superannuation system and combat wage theft by enabling quicker detection of unpaid super contributions.
- Faster payments
- Fewer missed contributions
- More money for retirement
Author's summary: New superannuation rule to increase retirement funds.