"Australia is coming back. […] In the face of a once-in-a-century pandemic, the Australian spirit has shone through.”, with these words full of confidence Federal Treasurer Mr Josh Frydenberg handed down the 2021/22 Federal Budget at 7:30 pm (AEST) yesterday on 11 May 2021.
A little goes a long way with compound earnings. The earlier in your working life you start paying attention to your super, the better off you will be at retirement. However, it’s never too late to take an interest in your super fund’s performance and take action to grow your super!
From 1 July 2021, the super guarantee rate rose from 9.5% to 10% and will progressively increase until 2025. Depending on your current employment agreements will determine the impact to employees. For employees that are paid a rate plus superannuation their take home salary will remain unchanged and the increase will be added to SG payments.
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