New Superannuation Rule Set to Deliver More Money in Retirement
A major change to superannuation is coming, with new 'Payday Super' rules aiming to provide faster payments, fewer missed contributions, and more money for retirement.
Treasurer Jim Chalmers introduced the Payday Superannuation Bill into parliament, requiring employers to make superannuation contributions within seven business days of payday, starting July 1.
Unpaid super totalled almost $5.2 billion in 2024/25
According to Dr Chalmers, this change will strengthen Australia's superannuation system and combat wage theft, with more frequent payments helping to detect unpaid super contributions more quickly.
- Faster payments
- Fewer missed contributions
- More money for retirement
Author's summary: New superannuation rules to boost retirement funds.