Retirement Funds to Benefit From Increasing Contributions in New Financial Year

Retirement Funds to Benefit From Increasing Contributions in New Financial Year
Australian banknotes and a one dollar coin. Squirrel_photos/pixabay
Daniel Y. Teng
Updated:

Compulsory superannuation contributions will increase from 10 percent to 10.5 percent for Australian workers in the new financial year.

The increases will continue until reaching 12 percent in 2025, boosting the already vast retirement fund industry that now controls around $3 trillion (US$2.05 trillion) in funds—the fourth largest pension fund in the world.

Daniel Y. Teng
Daniel Y. Teng
Writer
Daniel Y. Teng is based in Brisbane, Australia. He focuses on national affairs, including federal politics and Australia-China relations. Got a tip? Contact him at [email protected].
twitter
Related Topics