The recent release of the 2023 Intergenerational Report by Treasury demonstrates superannuation will play a key role in reducing reliance on the Age Pension and supporting the economy. The report anticipates that mandatory superannuation will lead to a decrease in expenditure on Australian government age and service pensions from approximately 2.3% of GDP in the fiscal year 2022-2023 to about 2.0% of GDP by the fiscal year 2062-63.

Recent Australian Prudential Regulation Authority (APRA) figures show Australia’s total superannuation assets reached $3.54 trillion at the end of June 2023; a 12-month increase of 7.6%.

Those in the 60-64 age group have an average balance of $358,000 for males and $288,000 for females compared to those in the 30-34 age group, with an average balance of $49,000 for males and $40,000 for females. Increases in the government Superannuation Guarantee rates up to 11% on 1 July 2023, 11.5% on 1 July 2024, and 12% on 1 July 2025, will help boost these balances.

Strategies including topping up concessional and non-concessional contributions, spousal contributions and selecting the appropriate super fund investment strategy with you are ways we can help ensure you’re ahead of the average.

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