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Key Points
- The payday superannuation bill requires employers to pay superannuation at the same time as wages.
- Advocacy groups have welcomed the changes, but have raised concerns about certain measures that have been dropped.
- Some argue the reform was intended to achieve more than just preventing delayed payments.
In a typical scenario involving unpaid superannuation for a 35-year-old individual, reclaiming their superannuation can enhance their retirement fund by over $30,000 in today’s dollars, according to a joint statement from Chalmers and Assistant Treasurer Daniel Mulino.
“The earlier this money is deposited into your super and starts being invested on your behalf, the quicker it begins to yield investment returns,” they noted.
Concerns have been raised regarding the absence of expected consumer protection measures in the final legislation.
The Australian Taxation Office reports that as of June 2025, approximately 21% of Australians maintain more than one superannuation account.
“This reform is only partially complete. Although individuals will receive their superannuation payments more swiftly, many will continue to be misled into opening multiple accounts, ultimately costing them tens of thousands in retirement savings,” a source commented.
Some 21 per cent of Australians hold more than one superannuation account as of June 2025, according to the Australian Taxation Office.
“We now have a half-finished reform. People will get paid their super faster, but many will still be misled into creating multiple accounts, costing them tens of thousands in retirement income,” he said.
