A 14-year journey ends of July 1, when the final increase in superannuation for Australians kicks in.
Super Members Council CEO Misha Schubert said on that day the Super Guarantee would rise from 11.5 percent to 12 percent.
“The increase marks the completion of a 14-year journey to lift the legislated super rate from nine percent to 12 percent,” Ms Schubert said.
“The 12 percent milestone will build retirement balances for millions of everyday Australians and deliver dignified living standards in retirement, with the typical retirement balance projected to reach $500,000 in 30 years.”
She said the milestone was a transformative achievement and the council was launching a campaign to raise awareness.
“This increase to people’s super is a powerful step forward for Australians’ financial futures. But too many people don’t yet know it’s happening.
“That’s why we’re releasing a video to raise awareness and help Australians make the most of their super.”
Ms Schubert said the Council had also launched new content to strengthen knowledge with its website resource How Super Works.
She said research showed engagement with super remained persistently low, particularly among millennials.
“According to ASIC, nearly half (48 percent) of millennials say they are not very or not at all knowledgeable about how to maximise their super.
“Alarmingly, 31 percent of millennials say they only check their super’s performance less than once a year, or not at all.”
