Super guarantee increases to 10.5%

22 June 2022
On 1 July 2022, the superannuation guarantee (SG) rate increases from 10% to 10.5%. Over your working years this increase will have a positive impact on the amount of super you save and can spend in retirement.

From 1 July 2022, the SG increases to 10.5%. It has been legislated to rise incrementally each year until it reaches 12% in 2025. This is good news for workers receiving superannuation, says AustralianSuper Chief Executive Paul Schroder.

‘It’s pleasing to see the legislated increase in the Super Guarantee continuing. We believe increasing the SG to 12%, as has been legislated, is in the best interests of Fund members.'

‘Along with the removal of the $450 SG threshold, this means Australians will have more money in retirement.’

Read more: Super now paid for people earning under $450 a month


What difference does 10.5% SG make?

See what impact the increase could have on your super and what you need to do to make sure you’re getting 10.5%.

Increasing the SG means people won’t have to work as long to save the same amount for their retirement. Even small increases to the SG could make a big difference in the long run.

Small increases to the superannuation guarantee could make a big difference in the long run.
Ahmed, 25 years old

Ahmed is 25 years old and new to the workforce. He’s just graduated from TAFE and started his first job. He’s earning $78,000 (before tax, excluding SG).

If Ahmed works until he’s 67, with no career breaks, and the SG rate stayed at 10% he would have $489,000 in super when he retires.^

With an SG rate rise to 10.5% from 1 July 2022, he will have an extra $25,000, and a balance of $514,000.


Bernadette, 40 years old

Bernadette is 40 years old and earns $76,000 (before tax, excluding SG). Her super account balance is $84,000.

If Bernadette works until she’s 67, with no career breaks and the SG rate stayed at 10%, she would have a lump sum of $417,000 when she retires.^

With an SG rate rise to 10.5% from 1 July 2022, she’ll have a balance of $430,000 at age 67, an extra $13,000 to spend in retirement. That’s money to spend on a holiday, a home renovation, or with friends and family.

^ 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. The case study is provided for illustrative purposes only and isn’t a representation of the actual benefits that may be received or the fees and costs that may be incurred. The projection is only an estimate and isn’t a guarantee.

How to choose your first super fund


Keep track of your super increase to 10.5%

From 1 July 2022, your employer is required by law to pay a minimum of 10.5% into your super account. You should check your super account to see that this has been done.

AustralianSuper has an app which will send you a notification every time a contribution is made into your account. This makes it easy to keep track.

Your employer should be aware of the super guarantee rate increase. But it’s important to check you’re being paid the right amount of super. Paying super is a legal requirement, set by the Australian Government. If you meet the eligibility requirements, your employer must pay you super by law.

Check your pay slips to see that you’re being paid super at the new SG rate of 10.5%. (Your employers may pay super each quarter, so you may not see an increase in your contribution until after the end of September 2022.)

If you’re an AustralianSuper member, you can download the free App to view your most recent super payments and your balance. The app will also let you know when you receive a contribution. You can also check your insurance, review your investment returns, update your personal details, and make extra contributions.



Choose the right super fund for you

With 10.5% of your wages or salary being contributed to your super for retirement, it’s important you choose a good fund with strong, long-term investment performance and low fees.




What to do if your employer isn’t paying you the correct amount of super

If you discover you’re not being paid the right amount of super, talk to your employer first. If you’re unable to 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. You can also call the ATO on 13 10 20.

Remember, from 1 July 2022 it's compulsory for employers to pay eligible workers at least 10.5% of your salary to an eligible super fund such as AustralianSuper. There are quarterly deadlines for these payments, which are set by the ATO.

Check your pay slips to see that you’re being paid super at the new SG rate of 10.5%.

Find out more: grow your super

Check your pay slips to see that you’re being paid super at the new legal SG rate of 10.5%.
How much money you need to retire. The ASFA Retirement Standard

The amount you need will depend on your personal objectives and circumstances. The Association of Superannuation Funds of Australia (ASFA) has created a Retirement Standard which estimates the cost of living both ‘comfortable’ and ‘modest’ retirement lifestyles.

The below chart shows budgets for various households and living standards for those aged around 67.

The ASFA retirement guide – Savings required per year at retirement

Category comfortable lifestyle (total per year)
Comfortable retirement for a single person $46,494
Comfortable retirement for a couple $65,445
Modest retirement for a single person $29,632
Modest retirement for a couple $42,621

Source: ASFA, March quarter 2022, national. For the latest data visit ASFA Retirement Standard (PDF)

The figures in each case assume that the retiree(s) own their own home and relate to expenditure by the household. This can be greater than household income after income tax where there is a drawdown on capital over the period of retirement.

Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns.

This may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read 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

AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.


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