What's happened
Australia's Treasurer Jim Chalmers has introduced new laws to ensure timely superannuation payments for workers, addressing an estimated $3.6 billion in unpaid super. The reforms, effective July 2026, aim to enhance retirement savings, particularly for vulnerable workers, and are welcomed by industry groups as a significant improvement.
Why it matters
What the papers say
According to SBS, Treasurer Jim Chalmers emphasized that the new laws will ensure Australians earn more and retire with dignity. He stated, "This change will strengthen Australia’s superannuation system." Meanwhile, ASFA CEO Mary Delahunty highlighted that the reforms will allow workers to see their super build in real-time, which is crucial for better investment outcomes. The Japan Times noted that despite Australia's robust superannuation system, many Australians feel unprepared for retirement, with 40% believing they will never have enough savings. This sentiment underscores the importance of the new laws in addressing retirement preparedness.
How we got here
The introduction of these laws follows ongoing concerns about unpaid superannuation, particularly affecting young, migrant, and female workers. The Australian Taxation Office reported significant unpaid super contributions, prompting the government to act.
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Australia, officially known as the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands.