Almost 10 million Australians will experience an automatic increase in their superannuation starting July 1, resulting in thousands of additional dollars for retirement, as reported by the Super Members Council.
According to the leading body in the superannuation sector, the superannuation guarantee rate is set to increase from 11.5 percent to 12 percent on that date, offering an additional $317 for the average Australian worker during the 2025-2026 financial year.
Young Australians and low-income earners will be the biggest winners.
The SMC said the increase could see a “typical” 30-year-old retire with an extra $22,000 in super.
And together with the full increase from nine per cent to 12 per cent in the past decade, it could add up to $132,000 in extra super by retirement.
Over fifty percent of individuals benefiting from this increase are below the age of 40, with those in their 30s receiving the largest enhancement to their retirement savings compared to any other age group.
Almost a third of the people getting the increase earn less than $50,000 per year and about 70 per cent of those getting the increase earn less than $100,000 a year.
The average West Australian will get an extra $344 this year, the highest average super boost of the States.
The lowest average gain will be seen in Tasmania, at $284.
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Super Members Council CEO Misha Schubert said the super rate increases were key to delivering a good life in retirement.
“This boost to retirement savings will help fund the things that matter most â more help with paying the bills, spending time and making memories with the family, trips away and financial security,” she said.
“When you know that a 30-year-old today will be more than $130,000 better off in retirement, it underlines why the safeguards that protect super for retirement are so important for all Australians.”
