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Most Aussies don't know what the super rate is

Updated on October 5, 2023

5 min read

New data shows 71% of Australians don't know the current SG rate, or what the rate will be after the next super guarantee increase.

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Nearly 3 in 4 in the dark about the SG rate

According to data commissioned by one of Australia's largest super funds, Australian Retirement Trust (ART), 71% of Australians don’t know the current super guarantee (SG) rate is 11%.

The YouGov study of more than 2,000 Australians found that 1 in 5 (19%) think the SG rate is still 10%.

Another 1 in 6 (16%) think it is still 9.5%, and 1 in 5 (20%) said they were unsure.

When does the super guarantee increase?

The SG rate is scheduled to increase every year until it reaches 12% on 1 July 2025. Find out more about the superannuation rate.

Super guarantee rate (SG) increase schedule

Date SG rate
1 July 2021 10.00%
1 July 2022 10.50%
1 July 2023 11.00%
1 July 2024 11.50%
1 July 2025 12.00%

What different people think about super

Gen Z to benefit from the super increase

Millennials and Gen X are more likely than Baby Boomers to know the correct current SG rate (31% and 30%, compared to 24%).

However, Gen Z was the generation most likely to be unsure what the SG rate is (29%, compared to 17% Millennials, 22% Gen X, and 19% Baby Boomers). This makes sense, since most of Gen Zers (born 1997–2012) have only recently entered the workforce.

Younger generations are more likely than their older counterparts to say they plan to become more engaged to understand the impact on their superannuation/pay (47% Gen Z and 47% Millennials, compared to 35% Gen X and 29% Baby Boomers).

In fact, as Baby Boomers are now retired or approaching retirement, all the younger generations surveyed were more likely to be adding extra money to their super.

High-income earners more likely to know the SG rate

Those with a household income over $150,000 a year are the most likely to know the correct SG rate (41%, compared to 32% for those on $50K to $149K).

People on the lowest household income of less than $50,000 a year were least likely to know the SG rate (18%), and most likely to be unsure (32%, compared to 10% of those on >$150K).

People who have a financial adviser are more likely to know the current SG rate (36%), compared to those who don't have an adviser (28%) or have never seen an adviser (26%).

Men more likely to increase super contributions

Nearly half (48%) of people surveyed are either already adding extra money to their superannuation, or they're more likely to do so because of recent economic events.

And more men were already contributing more to their super or said they're likely to do so because of recent economic events (53% compared to 43%). This gender difference could be because of a range of factors, such as the gender pay gap. Because if you earn less money, it makes sense you're less likely to add money to your super.

Women are more likely than men to say they plan to become more engaged to understand the impact on their superannuation and pay (43% compared to 37%). Meanwhile, men were more likely to already be engaged with their superannuation (32% compared to 20%).

Men were slightly more likely to know the current SG rate (35% compared to 24%), and more women were unsure (26% compared to 15%).

Simple tips to get the most out of your super (for free)

There are some simple steps you can take now that usually won't cost a cent, and can make a huge difference to you in retirement:

  1. Check that your super fund, including its products, investment performance, fees, and more are still right for you.
  2. Look at the investment options your super fund offers, to make sure you're in the best option for your age, risk profile, and retirement plans – you can even use our online quiz to check.
  3. Download your fund's app so you can track how much super you're getting paid.
  4. Understand how your super gets taxed while you're working, to avoid paying too much tax.
  5. Use our Contributions Calculator to choose between adding money to your super as before-tax salary sacrifice or after-tax contributions – and our Retirement Forecaster can show how much you might need to retire.
  6. Look for government incentives that could help you grow your balance faster.
  7. If you're paying for accounts with more than one super fund, you could combine them to pay only one set of fees.
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