Huge super balance milestone revealed
The milestone comes from analysis by the Association of Superannuation Funds of Australia (ASFA), and was down to mandatory 12 per cent superannuation payments becoming a reality.
'This is a major milestone in Australia's retirement system,' ASFA chief executive Mary Delahunty said.
'With the super guarantee increase to 12 per cent, we are seeing super fulfil its objective of providing a dignified retirement for ordinary Australians, with today's 30-year-olds reaping the rewards of decades of progress in our world-class super system.'
From July 1, workers' superannuation guarantee rate increased from 11.5 per cent to 12 per cent, meaning employers pay 12 per cent equivalent amount of your earnings into super.
Unpaid super is a concern in many casualised industries. Proponents of the increase in super payments say the change addresses some effects of generational inequalities in Australia. NewsWire Credit: News Corp Australia
The bump to 12 per cent tips today's 30-year-olds into a comfortable retirement, the Association of Superannuation Funds of Australia modelling says.
The increase means about an extra $20,000 come retirement time.
The test-case 30-year-old needs to be on at least the median wage though, which is about $75,000. The average Australian wage is $102,741.
'With the 12 per cent super guarantee coming in, we can now say that the system foundations are cemented for young, working people to have a comfortable retirement,' Ms Delahunty said.
'It's a moment all Australians should be proud of.'
A comfortable retirement means being able to pay for health insurance, a decent car, phone and internet, regular leisure activities, an annual domestic holiday and an international holiday every seven years. The analysis shows younger workers should be on track for a comfortable retirement. NewsWire / Gaye Gerard Credit: News Corp Australia
The amount needed to tick these boxes is $595,000 as a single homeowner and $690,000 combined for a homeowning couple.
A retiring renter needs an extra 30 per cent.
As well as being positive news for Australians only a decade or two into their working lives, the super guarantee increase to 12 per cent has also been heralded as a win for women.
Modelling on the change, done by super fund HESTA, projects the increased payments will enhance the stark difference between younger women and women retiring now.
Under HESTA's modelling, a woman starting her career in 2025 was now projected to have $712,000 of super when she retired; $411,000 more than the average female retiring this year.
At the moment, the average Australian male aged in his early 60s has $395,000 in super, versus $313,360 for women.
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Talks of budget-minded Renaults were sparked at the local launch for the new Duster small SUV, which is now the brand's cheapest model and starts at $31,990 before on-roads. Despite cheaper segment competition, Renault Australia general manager Glen Sealey says the brand isn't interested in the "bargain basement area". "If you look at how typically the market is spread out today, that SUV segment that we talked about with Duster, and how 30 per cent sits below $30,000 – that's not us," he told media at the Duster launch. "We're not in that bargain basement area, but with Duster, we're not in that very premium end either, $40,000 to $45,000. CarExpert can save you thousands on a new car. Click here to get a great deal. "But we do have cars that sit there, which is Arkana, and we do have cars that sit above that, which is Megane E-Tech. 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So we're never going to be in that bottom 30 per cent, so to speak, but we will be in the fat, or the spike, of the segment, and we will be in the premium part of the segment. "And you will see that with all our products, whether it is the small SUV segment, whether it is the van segment, you will see that displayed all the way through." While unclear, that "bottom 30 per cent" likely encompasses many of Australia's newest small SUVs – particularly from newer Chinese challenger brands. The cheapest of these is the Chery Tiggo 4, priced from $23,990 drive-away, followed by the GWM Haval Jolion and MG ZS, both priced from $26,990 drive-away. There's also the base Mahindra XUV3XO at $23,990 drive-away, another brand looking to put its stamp on the small SUV segment. Still, arguably the most direct rival to Renault's Duster is the Suzuki Jimny, which costs $30,490 before on-roads in its base form. "We always operate as a challenger brand, because our volume is relatively low compared to the market. So we always see ourselves as a challenger brand," Mr Sealey added. "But the reality of life is we are able to command – as long as the product's good enough – a premium position within that segment." Mr Sealey's statement that Renault is a challenger brand is certainly backed up by relatively low sales, with 2871 so far this year – 958 of which were passenger vehicles. For context, the Tiggo 4, Jolion, and ZS have each outsold that figure by more than 10 times. Renault's current best-seller isn't a passenger vehicle; it's the Master van with 1210 sales. MORE: Renault Duster targeted at Jimny, Crosstrek buyers MORE: Everything Renault Content originally sourced from:
