Workers' retirement nest eggs set for super boost
From July 1, employers' minimum required contribution to employees' superannuation accounts will rise from 11.5 per cent to 12 per cent.
It's the latest and last in a series of incremental increases from nine per cent over more than a decade since they were legislated by the Rudd-Gillard Labor government in 2012.
With the latest bump, a 30-year-old earning $60,000 would have an extra $20,000 in super by retirement, according to the Association of Superannuation Funds Australia.
It will add about $300 each year to the superannuation of a worker on a $60,000 salary, or $500 for someone on a $100,000 salary.
"The system foundations are cemented for young, working people to have a comfortable retirement," ASFA chief executive Mary Delahunty said.
"It's a moment all Australians should be proud of."
The association says the cost of a comfortable retirement increased 1.6 per cent in the past year, while the cost of a modest retirement rose 1.7 per cent.
A "comfortable" retirement includes top-level health insurance, a reasonable car and leisure activities.
The cost of either outcome was increasing slower than Australia's current 2.4 per cent headline inflation but retiree budgets remained under pressure from rising food, energy and health costs.
Couples on average need $73,900 annually for a comfortable retirement, while most singles needed $52,300 per year, ASFA says.
For a modest retirement covering the basics, couples needed $48,200 each year, singles $33,400, or for renting couples, $64,250, and $46,660 each year for singles who rent.
The figures underlined the importance of increasing Australia's housing stock, Ms Delahunty said.
"They also illustrate how super can be the difference between hardship and stability later in life, especially for renters."
For some workers, the extra contribution will come from their existing pay package, according to CPA Australia's superannuation lead Richard Webb.
"It's a good idea to check with your employer to see how they view the changes and what it means for you," he said.
Workers on contracts with a total remuneration package could see a slight drop in their take-home pay, while those on award or enterprise agreements would likely receive the contribution on-top of their current pay.
When compulsory superannuation was introduced in 1992 - in part to reduce government spending on the Age Pension - only one in 10 Australian retirees listed super as a source of income.
Nine in 10 people between 30 and 50 now have super.
Government spending on the Age Pension is projected to fall from 2.3 per cent of gross domestic product in 2020 to two per cent by 2062/63, despite a doubling of the over-65 population and a trebling of over-85s over the same period.
However the super guarantee increase wouldn't help those who missed out on paid work for extended periods, Super Consumer Australia chief executive Xavier O'Halloran said.
"(For) people who have caring responsibilities or who have been locked out of the unaffordable housing market ... increasing SG further won't address those inequalities," he told AAP.
Mr O'Halloran said there was more that could be done to support people struggling in retirement, when a significant portion of their autumnal years' savings were made.
"Right now, there are no minimum standards for retirement products like there are for MySuper," he said.
"There is also no performance testing of retirement products, so super funds can still sell poor products."
Australian workers can look forward to a bigger nest egg, with an increase to the superannuation guarantee to add tens of thousands of dollars to the average super account.
From July 1, employers' minimum required contribution to employees' superannuation accounts will rise from 11.5 per cent to 12 per cent.
It's the latest and last in a series of incremental increases from nine per cent over more than a decade since they were legislated by the Rudd-Gillard Labor government in 2012.
With the latest bump, a 30-year-old earning $60,000 would have an extra $20,000 in super by retirement, according to the Association of Superannuation Funds Australia.
It will add about $300 each year to the superannuation of a worker on a $60,000 salary, or $500 for someone on a $100,000 salary.
"The system foundations are cemented for young, working people to have a comfortable retirement," ASFA chief executive Mary Delahunty said.
"It's a moment all Australians should be proud of."
The association says the cost of a comfortable retirement increased 1.6 per cent in the past year, while the cost of a modest retirement rose 1.7 per cent.
A "comfortable" retirement includes top-level health insurance, a reasonable car and leisure activities.
The cost of either outcome was increasing slower than Australia's current 2.4 per cent headline inflation but retiree budgets remained under pressure from rising food, energy and health costs.
Couples on average need $73,900 annually for a comfortable retirement, while most singles needed $52,300 per year, ASFA says.
For a modest retirement covering the basics, couples needed $48,200 each year, singles $33,400, or for renting couples, $64,250, and $46,660 each year for singles who rent.
The figures underlined the importance of increasing Australia's housing stock, Ms Delahunty said.
"They also illustrate how super can be the difference between hardship and stability later in life, especially for renters."
For some workers, the extra contribution will come from their existing pay package, according to CPA Australia's superannuation lead Richard Webb.
"It's a good idea to check with your employer to see how they view the changes and what it means for you," he said.
Workers on contracts with a total remuneration package could see a slight drop in their take-home pay, while those on award or enterprise agreements would likely receive the contribution on-top of their current pay.
When compulsory superannuation was introduced in 1992 - in part to reduce government spending on the Age Pension - only one in 10 Australian retirees listed super as a source of income.
Nine in 10 people between 30 and 50 now have super.
Government spending on the Age Pension is projected to fall from 2.3 per cent of gross domestic product in 2020 to two per cent by 2062/63, despite a doubling of the over-65 population and a trebling of over-85s over the same period.
However the super guarantee increase wouldn't help those who missed out on paid work for extended periods, Super Consumer Australia chief executive Xavier O'Halloran said.
"(For) people who have caring responsibilities or who have been locked out of the unaffordable housing market ... increasing SG further won't address those inequalities," he told AAP.
Mr O'Halloran said there was more that could be done to support people struggling in retirement, when a significant portion of their autumnal years' savings were made.
"Right now, there are no minimum standards for retirement products like there are for MySuper," he said.
"There is also no performance testing of retirement products, so super funds can still sell poor products."
Australian workers can look forward to a bigger nest egg, with an increase to the superannuation guarantee to add tens of thousands of dollars to the average super account.
From July 1, employers' minimum required contribution to employees' superannuation accounts will rise from 11.5 per cent to 12 per cent.
It's the latest and last in a series of incremental increases from nine per cent over more than a decade since they were legislated by the Rudd-Gillard Labor government in 2012.
With the latest bump, a 30-year-old earning $60,000 would have an extra $20,000 in super by retirement, according to the Association of Superannuation Funds Australia.
It will add about $300 each year to the superannuation of a worker on a $60,000 salary, or $500 for someone on a $100,000 salary.
"The system foundations are cemented for young, working people to have a comfortable retirement," ASFA chief executive Mary Delahunty said.
"It's a moment all Australians should be proud of."
The association says the cost of a comfortable retirement increased 1.6 per cent in the past year, while the cost of a modest retirement rose 1.7 per cent.
A "comfortable" retirement includes top-level health insurance, a reasonable car and leisure activities.
The cost of either outcome was increasing slower than Australia's current 2.4 per cent headline inflation but retiree budgets remained under pressure from rising food, energy and health costs.
Couples on average need $73,900 annually for a comfortable retirement, while most singles needed $52,300 per year, ASFA says.
For a modest retirement covering the basics, couples needed $48,200 each year, singles $33,400, or for renting couples, $64,250, and $46,660 each year for singles who rent.
The figures underlined the importance of increasing Australia's housing stock, Ms Delahunty said.
"They also illustrate how super can be the difference between hardship and stability later in life, especially for renters."
For some workers, the extra contribution will come from their existing pay package, according to CPA Australia's superannuation lead Richard Webb.
"It's a good idea to check with your employer to see how they view the changes and what it means for you," he said.
Workers on contracts with a total remuneration package could see a slight drop in their take-home pay, while those on award or enterprise agreements would likely receive the contribution on-top of their current pay.
When compulsory superannuation was introduced in 1992 - in part to reduce government spending on the Age Pension - only one in 10 Australian retirees listed super as a source of income.
Nine in 10 people between 30 and 50 now have super.
Government spending on the Age Pension is projected to fall from 2.3 per cent of gross domestic product in 2020 to two per cent by 2062/63, despite a doubling of the over-65 population and a trebling of over-85s over the same period.
However the super guarantee increase wouldn't help those who missed out on paid work for extended periods, Super Consumer Australia chief executive Xavier O'Halloran said.
"(For) people who have caring responsibilities or who have been locked out of the unaffordable housing market ... increasing SG further won't address those inequalities," he told AAP.
Mr O'Halloran said there was more that could be done to support people struggling in retirement, when a significant portion of their autumnal years' savings were made.
"Right now, there are no minimum standards for retirement products like there are for MySuper," he said.
"There is also no performance testing of retirement products, so super funds can still sell poor products."
Australian workers can look forward to a bigger nest egg, with an increase to the superannuation guarantee to add tens of thousands of dollars to the average super account.
From July 1, employers' minimum required contribution to employees' superannuation accounts will rise from 11.5 per cent to 12 per cent.
It's the latest and last in a series of incremental increases from nine per cent over more than a decade since they were legislated by the Rudd-Gillard Labor government in 2012.
With the latest bump, a 30-year-old earning $60,000 would have an extra $20,000 in super by retirement, according to the Association of Superannuation Funds Australia.
It will add about $300 each year to the superannuation of a worker on a $60,000 salary, or $500 for someone on a $100,000 salary.
"The system foundations are cemented for young, working people to have a comfortable retirement," ASFA chief executive Mary Delahunty said.
"It's a moment all Australians should be proud of."
The association says the cost of a comfortable retirement increased 1.6 per cent in the past year, while the cost of a modest retirement rose 1.7 per cent.
A "comfortable" retirement includes top-level health insurance, a reasonable car and leisure activities.
The cost of either outcome was increasing slower than Australia's current 2.4 per cent headline inflation but retiree budgets remained under pressure from rising food, energy and health costs.
Couples on average need $73,900 annually for a comfortable retirement, while most singles needed $52,300 per year, ASFA says.
For a modest retirement covering the basics, couples needed $48,200 each year, singles $33,400, or for renting couples, $64,250, and $46,660 each year for singles who rent.
The figures underlined the importance of increasing Australia's housing stock, Ms Delahunty said.
"They also illustrate how super can be the difference between hardship and stability later in life, especially for renters."
For some workers, the extra contribution will come from their existing pay package, according to CPA Australia's superannuation lead Richard Webb.
"It's a good idea to check with your employer to see how they view the changes and what it means for you," he said.
Workers on contracts with a total remuneration package could see a slight drop in their take-home pay, while those on award or enterprise agreements would likely receive the contribution on-top of their current pay.
When compulsory superannuation was introduced in 1992 - in part to reduce government spending on the Age Pension - only one in 10 Australian retirees listed super as a source of income.
Nine in 10 people between 30 and 50 now have super.
Government spending on the Age Pension is projected to fall from 2.3 per cent of gross domestic product in 2020 to two per cent by 2062/63, despite a doubling of the over-65 population and a trebling of over-85s over the same period.
However the super guarantee increase wouldn't help those who missed out on paid work for extended periods, Super Consumer Australia chief executive Xavier O'Halloran said.
"(For) people who have caring responsibilities or who have been locked out of the unaffordable housing market ... increasing SG further won't address those inequalities," he told AAP.
Mr O'Halloran said there was more that could be done to support people struggling in retirement, when a significant portion of their autumnal years' savings were made.
"Right now, there are no minimum standards for retirement products like there are for MySuper," he said.
"There is also no performance testing of retirement products, so super funds can still sell poor products."
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Separately, Moke International is offering an electric Moke for the equivalent of about $69,500 including taxes, delivery and first registration fees in the UK, and has received approval to sell 1500 Mokes in the EU under that market's ultra-low volume vehicle regulations, as well as approval to sell 325 cars in the US this year. The company hopes it can make a similar case for ultra-low volume imports to Australia, where a significant proportion of customers are also expected to be high-end resorts that want to offer customers Moke EVs for complimentary use, short-term rental or as shuttle vehicles. However, Moke International's EV is yet to be confirmed for Australia while Jaunt says every component installed in its electric Moke is CAD designed and engineered to meet Australian Design Rules and local conditions, meaning its vehicles can be registered in every state and territory – a process it will complete before the car is delivered to you. Better known for creating battery-electric versions of the original Land Rover Defender as well as classic Mini Coopers and Porsche 911s, Jaunt also says it plans to extend its conversion platforms to other classic models such as the original Range Rover and Volkswagen Kombi, "making iconic vehicles more accessible, sustainable and engineered in a world moving toward zero-emissions". Based in Scoresby, Victoria, Jaunt specialises in converting classic and specialty vehicles to electric power with a focus on safety, compliance and craftsmanship, and says its engineered electric platforms and conversions "preserve the charm of iconic cars while making them safer, cleaner and better to drive". Jaunt's Moke EV is powered by a single front-mounted electric motor producing 72kW of power and 175Nm of torque, fed by a 19kWh battery pack that's mounted under the tub and takes between just two and three hours to recharge thanks to a 400-volt electrical architecture. Those numbers aren't big in a world of high-performance EVs, but Jaunt says its Moke can accelerate from 0-100km/h in just seven seconds – "even uphill" – in sport mode, while a regenerative braking system turns the motor into a generator to assist the mechanical brakes. Jaunt's electric upgrade retains the original Moke's low kerb weight, allowing it to be a four-seater without exceeding GVM, as well as its compact dimensions and nimble dynamics. However, it isn't being pitched as a high-performance EV, but one that's "ready for exactly what it was originally designed for: short, joyful, open-air drives". That said, a polished stainless steel-bodied version Jaunt built from the ground up and featuring LED lighting and CNC-machined badges is claimed to be lighter than the original Moke, while offering a better torque-to-weight ratio than a Tesla Model 3 Performance. In addition to the EV conversion and a 7.8:1 single gear ratio to suit larger 13-inch wheels, the retail version supplied directly to customers comes with upgraded brake, steering and suspension systems, plus ADR-compliant seats with seatbelts mounted to a new roll bar system covered by a custom canvas top. Based around a new BMH front sub-frame, the EV system bolts to existing mounting points under the bonnet and comprises the battery, electric motor and inverter, plus driveshafts, a motor cooling system, bi-directional charger and a completely new integrated 12-volt electrical system. It also comes with a new centre dash panel complete with modern digital gauges and controls, an electric parking brake, pop-up charge port and all of the necessary body block-out panels. Braking, steering and suspension systems can be further customised to meet customer needs, and additional custom parts are also available. Jaunt Motors CEO and co-founder Dave Budge says all of this gives the humble old Moke the ability to perform like a brand-new vehicle despite being originally built more than half a century ago. "Classic cars are charming," he said. "They've got stories, they've got soul. But they're also unreliable and are getting harder to maintain. What we're doing isn't about reinventing the car. It's about keeping what was great and fixing everything that wasn't. "This isn't just a loose collection of parts. It's a complete platform we've engineered, built and tested to ADR compliance and the latest EV safety standards. "Now we're making it available to others who care about doing conversions correctly. It allows restorers and auto specialists to deliver fully roadworthy electric Mokes that are safe, legal and will last another 50 years." MORE: Meet the Melbourne startup turning old Land Rovers into electric vehicles Content originally sourced from: Australians can now buy a street-legal, all-electric Mini Moke, courtesy of Melbourne-based electric vehicle (EV) conversion company Jaunt Motors, but you'll have to pay handsomely for it. Jaunt's electric Moke conversion, which is now available for customer commission ahead of delivery in 2026, is priced from $140,000 – excluding the cost of the donor vehicle. The EV converter is also offering its new Moke EV conversion platform to independent workshops around Australia, including installation training and instruction, with trade prices starting at $90,000. CarExpert can save you thousands on a new car. Click here to get a great deal. Separately, Moke International is offering an electric Moke for the equivalent of about $69,500 including taxes, delivery and first registration fees in the UK, and has received approval to sell 1500 Mokes in the EU under that market's ultra-low volume vehicle regulations, as well as approval to sell 325 cars in the US this year. The company hopes it can make a similar case for ultra-low volume imports to Australia, where a significant proportion of customers are also expected to be high-end resorts that want to offer customers Moke EVs for complimentary use, short-term rental or as shuttle vehicles. However, Moke International's EV is yet to be confirmed for Australia while Jaunt says every component installed in its electric Moke is CAD designed and engineered to meet Australian Design Rules and local conditions, meaning its vehicles can be registered in every state and territory – a process it will complete before the car is delivered to you. Better known for creating battery-electric versions of the original Land Rover Defender as well as classic Mini Coopers and Porsche 911s, Jaunt also says it plans to extend its conversion platforms to other classic models such as the original Range Rover and Volkswagen Kombi, "making iconic vehicles more accessible, sustainable and engineered in a world moving toward zero-emissions". Based in Scoresby, Victoria, Jaunt specialises in converting classic and specialty vehicles to electric power with a focus on safety, compliance and craftsmanship, and says its engineered electric platforms and conversions "preserve the charm of iconic cars while making them safer, cleaner and better to drive". Jaunt's Moke EV is powered by a single front-mounted electric motor producing 72kW of power and 175Nm of torque, fed by a 19kWh battery pack that's mounted under the tub and takes between just two and three hours to recharge thanks to a 400-volt electrical architecture. Those numbers aren't big in a world of high-performance EVs, but Jaunt says its Moke can accelerate from 0-100km/h in just seven seconds – "even uphill" – in sport mode, while a regenerative braking system turns the motor into a generator to assist the mechanical brakes. Jaunt's electric upgrade retains the original Moke's low kerb weight, allowing it to be a four-seater without exceeding GVM, as well as its compact dimensions and nimble dynamics. However, it isn't being pitched as a high-performance EV, but one that's "ready for exactly what it was originally designed for: short, joyful, open-air drives". That said, a polished stainless steel-bodied version Jaunt built from the ground up and featuring LED lighting and CNC-machined badges is claimed to be lighter than the original Moke, while offering a better torque-to-weight ratio than a Tesla Model 3 Performance. In addition to the EV conversion and a 7.8:1 single gear ratio to suit larger 13-inch wheels, the retail version supplied directly to customers comes with upgraded brake, steering and suspension systems, plus ADR-compliant seats with seatbelts mounted to a new roll bar system covered by a custom canvas top. Based around a new BMH front sub-frame, the EV system bolts to existing mounting points under the bonnet and comprises the battery, electric motor and inverter, plus driveshafts, a motor cooling system, bi-directional charger and a completely new integrated 12-volt electrical system. It also comes with a new centre dash panel complete with modern digital gauges and controls, an electric parking brake, pop-up charge port and all of the necessary body block-out panels. Braking, steering and suspension systems can be further customised to meet customer needs, and additional custom parts are also available. Jaunt Motors CEO and co-founder Dave Budge says all of this gives the humble old Moke the ability to perform like a brand-new vehicle despite being originally built more than half a century ago. "Classic cars are charming," he said. "They've got stories, they've got soul. But they're also unreliable and are getting harder to maintain. What we're doing isn't about reinventing the car. It's about keeping what was great and fixing everything that wasn't. "This isn't just a loose collection of parts. It's a complete platform we've engineered, built and tested to ADR compliance and the latest EV safety standards. "Now we're making it available to others who care about doing conversions correctly. It allows restorers and auto specialists to deliver fully roadworthy electric Mokes that are safe, legal and will last another 50 years." MORE: Meet the Melbourne startup turning old Land Rovers into electric vehicles Content originally sourced from:
