Super rise is on the horizon

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The Albanese Government is tasking Treasury to examine ways it can lift compulsory superannuation beyond 12% to 15%.

It’s not going to happen overnight but lifting super to 15% is in the Labor Party’s policy platform even though it was not mentioned in the recent election campaign.

As we reminded you last edition, the superannuation guarantee rate will increase from 10% to 10.5% from July. It will rise by a further 0.5 percentage points each year to 12% in 2025.