The following is a media release from Super Consumers Australia, released 21/03/2023
Super Consumers’ national consumer survey finds that two in three Australians agree that super should be paid at the same time as wages. This is in contrast to the three months the law currently allows employers to pay super.
Super Consumers Australia is calling for super to be paid at the same time as wages to arrest the scourge of unpaid super on people’s retirement savings.
“These long delays in super payments are a relic of a paper-based era. It is time for the law to reflect people’s expectations.” says Xavier O’Halloran, Director, Super Consumers Australia.
“Not paying super on time can lead to real consumer harm. It can lead to people missing out on months of investment returns or failing to pay insurance premiums due to lack of funds,”
“It can be months before people realise there is a problem and by the time they get to act their employer may have gone insolvent. Real time payment will strengthen both individuals and the ATO’s ability to identify stolen super in a timely manner”
The ask is one of six key recommendations made by Super Consumers in their 2023-24 Federal Budget Submission ahead of the May Budget.
Media contact for SCA:
Daniel Herborn 0437 636 150