Australian Federal Budget 2021-22 - Super Guarantee
Future increases to remain in place and $450 per month threshold to be removed
In Brief
- Government leaves planned super guarantee increase to 10% in place
- A timetable of increases will take the minimum guarantee to 12% by 2025-26
- Removal of $450 earnings threshold to take effect 1 July 2022
Super Guarantee Increases to Continue Unchanged
The Federal Government has elected not to seek to delay or pause the future Super Guarantee increases.
The current time table which will remain in place:
|
Minimum superannuation Guarantee Rate |
|
|
2020/21 |
9.50% |
|
2021/22 |
10.00% |
|
2022/23 |
10.50% |
|
2023/24 |
11.00% |
|
2024/25 |
11.50% |
|
2025/26 onwards |
12.00% |
About 300,000 people will receive additional super and more than 60% of them are women
Super Guarantee per month threshold removed
The government has elected to remove the $450 per month Ordinary Time Earnings threshold. The change will commence from the start of the first financial year after the enabling legislation receives Royal Assent. At this point, the government expects this to be from 1 July 2022 onwards.
The government estimates that 300,000 people will receive additional super more than 60% of whom are women.
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