More than 6.7 million Australians have benefited from a boost to their nest egg from July as the super rate increases to 10%, with young workers and low to middle-income earners the big winners.
From July 1 an extra $233 a year will flow into the super accounts of the average worker.
This super boost may be small, but it will make a big difference at retirement – with a 30-year-old on the median wage expected to have an extra $19,000 at retirement, a couple will have an extra $38,000.
In total Australians will get an extra $1.5 billion paid in super in the next 12 months. Earlier this month ISA released analysis on the positive impact of sticking to the SG increase for working people. This short piece demonstrates the extra super by state breakdown, income bracket and age.