Super Payday

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Original media release from Super Consumers Australia (SCA) on 2/05/2023

Super Consumers Australia welcomes the Federal Government’s announcement that people will now be paid super at the same time as wages. The move will see more money in the pockets of Australians at retirement and help the regulator crack down on wage theft.

Super Consumers Australia has been part of a broad coalition of industry, employer and employee groups calling for the reform. Currently, people can be left waiting up to three months to be paid their super. A recent Super Consumers national survey found that 2 in 3 Australians want super paid at the same time as wages.

“The Federal Government’s announcement today is a big win for Australians looking to grow their super. It will make it much easier for people to manage their money and make sure they are paid what they’re owed,” says Xavier O’Halloran, Director, Super Consumers Australia.

“Not paying super on time can lead to real consumer harm. Currently, people miss out on months of investment returns and risk missing life insurance premiums when they fall due.”

“Real-time payment will strengthen the super payment regulator, the ATO’s, ability to identify missed payments. This will allow the ATO to take timely action to remind employers who have made a genuine mistake to pay, and take more serious action against employers who are engaging in wage theft.”

“Our recent survey found the majority of people don’t realise they can report non-payment to the ATO and that it is the regulator’s responsibility to investigate. We encourage people to report unpaid super to the ATO if they can’t resolve the issue directly with their employer.”

The ask is one of six key recommendations made by Super Consumers in their 2023-24 Federal Budget Submission ahead of the May Budget.