Are you ready? A super rate rise is coming

1 min read

On 1 July 2022, the Superannuation Guarantee (SG) rate will increase from the current rate of 10% to 10.5%.  

SG is super from your employer—it’s the amount of super your employer must contribute on your behalf, whether you're a full-time, part-time or casual employee, including if you're a temporary resident. Different eligibility rules apply to some individuals, such as those under 18 years of age.   

At the moment, the SG rate is 10% of your ordinary time earnings. This generally refers to what you earn for ordinary hours of work, commissions, allowances, bonuses and paid leave.   

As part of the federal government’s stepped increase to the SG rate, the current rate is set to increase with further rises on the way. Here’s the schedule:   

  • 10.5% – 1 July 2022 to 30 June 2023
  • 11% – 1 July 2023 to 30 June 2024
  • 11.5% – 1 July 2024 to 30 June 2025
  • 12% – From 1 July 2025

How will you feel the impact? The first thing to note is that it’s more super for you.   

As super is a long-term investment, these increases and their accumulated value over the years could make a big difference by the time you’re ready to retire, potentially helping to achieve your retirement income goals.   

It’s also worth noting that if your employment contract comes with a base salary plus super arrangement, then your take home pay will not be impacted.   

However, if your contract comes with a total remuneration package which includes super, your take home pay could be impacted. Check with your HR team for more information.   


Issued by Total Risk Management Pty Ltd ABN 62 008 644 353, AFSL 238790 (TRM) as the trustee of the Russell Investments Master Trust ABN 89 384 753 567. Resource Super and Nationwide Super are divisions of the Russell Investments Master Trust. This article provides general information only and has not been prepared having regard to your specific objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation and needs. The information has been compiled from sources considered to be reliable, but is not guaranteed. Any examples have been included for illustrative purposes only and should not be relied upon for the purpose of making an investment decision. Past performance is not a reliable indicator of future performance. The Product Disclosure Statement (PDS) can be obtained by phoning 1800 555 667 or by visiting russellinvestments.com.au or for Nationwide Super by phoning 1800 025 241 or visiting nationwidesuper.com.au. Any potential investor should consider the latest PDS in deciding whether to acquire, or to continue to hold, an investment in any Russell Investments product. The Target Market Determinations for the Russell Investments Master Trust are available on our website. The Financial Services Guide for the Russell Investments Master Trust is available on our website or on the Nationwide Super website.  

Russell Investment Financial Solutions Pty Ltd ABN 84 010 799 041, AFSL 229850 (RIFS) is the provider of MyTracker and the financial product advice provided via GoalTracker Plus. TRM and RIFS are part of Russell Investments. Russell Investments or its associates, officers or employees may have interests in the financial products referred to in this document by acting in various roles including broker or adviser, and may receive fees, brokerage or commissions for acting in these capacities. In addition, Russell Investments or its associates, officers or employees may buy or sell the financial products as principal or agent. If you decide to purchase or vary a financial product, Russell Investments and/or other companies within the Russell Investments group of companies will receive fees and other benefits, which will be a dollar amount or percentage on the value of your investments and/or your insurance fees. You can ask us for more details. General financial product advice is provided by RIFS or Link Advice Pty Ltd (Link Advice) ABN 36 105 811 836, AFSL 258145. Limited personal financial product advice is provided by Link Advice.  

This work is copyright 2022. Apart from any use permitted under the Copyright Act 1968, no part may be reproduced by any process, nor may any other exclusive right be exercised, without the permission of Russell Investments.