Simple change set to pocket Aussies $110m in super a week
Super Members Council (SMC) analysis of 2022-2023 tax data shows 3.3 million Australian workers lost collectively $5.7bn in superannuation payments.
This is based on the average worker losing $1730 in superannuation a year.
Australians living in the ACT or the Northern Territory had the highest average underpayment, while more than one million people in NSW lost $1760 a week, 848,000 Victorians lost about $1670 and 377,450 people living in Western Australia lost $1790.
The SMC said unpaid super could cost the average worker more than $30,000 from their final retirement nest egg.
When not intentional, superannuation underpayment can occur due to the timing of payments. While wages and salaries are paid weekly, fortnightly or monthly, businesses only need to pay the superannuation guarantee quarterly.
Under new laws coming in July 1 2026, superannuation payday reforms will require employers to pay superannuation, salaries and wages at the same time.
These reforms have been three years in the making after the federal government first announced the changes back on May 2, 2023.
SMC deputy chief executive Georgia Brumby said Australians would pay the price for any further delays.
'Each week these laws are delayed, Australians are made $110m poorer in retirement, which means less money to pay the bills after a lifetime of hard work,' Ms Brumby said.
'The sooner this legislation is introduced and passed, the more time and certainty it will give businesses and the super payment system to prepare so all workers can get paid their super on time and in full.
'Payday super will not only stamp out unpaid super, it'll put nearly $8000 more in the average Australian's pocket at retirement thanks to more frequent payments and the power of compounding.'
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