Australian Manufacturing Workers' Union


What the super guarantee increase means for you

The superannuation guarantee (SG) rate is increased from to 11.5% on 1 July 2024.

Under the SG law, employers previously had to pay a minimum of 11% of your salary into a super fund if you’re 18 years or older, or under 18 years and work over 30 hours a week.1 The SG rate increased to 11.5% on 1 July 2024 and will increase again to 12% in July 2025

What difference could the increase make?

The SG increase could make a big difference to your super balance when you retire.

Let’s look at the example of Ahmed, a 25-year-old who’s just started working. He earns $78,000 before tax, excluding super.  At the current rate of 11%, if he retires at 67 and has no career breaks, he will have $547,000 in super. With the 11.5% SG rate increase on July 2024, he will have an extra $26,000 and a balance of $573,000 when he retires.2

Another example is Bernadette, a 40-year-old earning $76,000 before tax and excluding super and has $84,000 in her super fund. If she works until she’s 67 with no career breaks and the SG rate stayed at 11%, she will have a balance of around $445,000 at retirement. With the SG rate increase to 11.5%, she will have an extra $13,000, and a balance of $478,000 when she retires.2

Keep track of your super

You should check your super payments or your payslips to make sure you’re being paid super at (or above) the new SG rate of 11.5%. Keep in mind your employer may pay super each quarter, so you may not see an increase in your contribution until after the end of September 2024.

If you’re an AustralianSuper member, you can log into your account or download the app to view your most recent super payments and your balance.  You can also get notified every time a contribution is made into your account with the AustralianSuper app.

What to do if you’re not being paid your super

If you’re not being paid the right amount of super, talk to your employer first. If you can’t resolve your unpaid super query, visit the ATO website to check whether you’re eligible for SG contributions and for a step-by-step guide on how to recover missed or underpaid super.


1 For eligibility details, visit am I entitled to super?

2 Assumptions: Assumptions: Investment return is 6.5% a year, net of fees and tax, salaries increase at 3.5% a year, and retirement age is 67. The amounts are shown in today’s dollars. This example is provided for illustrative purposes only. The actual benefits received will depend on a range of factors including future economic conditions, investment performance and legislative change. Investment returns are not guaranteed.

This information may be general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement available at or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at by AustralianSuper Pty Ltd, ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898

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