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Upcoming changes to super

There are some exciting changes to super happening over the next few years. Learn more about how these changes can support you in growing your super.

  • Super guarantee (SG) rate increasing from 11% to 11.5% (Jul 2024)
  • Increases to concessional and non-concessional contribution caps (Jul 2024)
  • Another increase to the SG rate from 11.5% to 12% (Jul 2025)
  • Super to be paid on top of Parental Leave Pay from the government (Jul 2025)
  • Employers required to pay their employees’ SG contributions at the same time as their salary and wages (Jul 2026)

1 July 2024

Super guarantee rate increase

Your employer is required to make contributions to your super account called super guarantee (or ‘SG’ contributions). The minimum SG contribution rate is set to increase from 11% to 11.5% on 1 July 2024 which means more money in your super.

Contribution caps increasing

In addition to SG contributions, there are other ways you can grow your super for your retirement. However, there are limits in place around how much money you can add each year, called contribution caps.

  • Concessional contributions are funded by income that hasn’t been taxed, also referred to as ‘before-tax’ contributions (e.g. SG contributions and salary sacrifice).
  • Non-concessional contributions refer to contributions that are funded by income that has already been taxed, also referred to as ‘after-tax’ contributions (e.g. personal and spouse contributions).

From 1 July 2024:

  • The general concessional contribution cap is increasing to $30,000 (up from $27,500)
  • The general non-concessional contribution cap is increasing to $120,000 (up from $110,000)

You may also be able to contribute more than these amounts if you’re eligible to carry forward any unused concessional contribution cap amounts from the previous five financial years, or if you’re eligible to bring forward up to two years’ worth of future non-concessional contribution cap amounts into the current year.  

Learn more about different types of super contributions.

Learn more about contribution caps.

1 July 2025

Another super guarantee rate increase

The minimum SG contribution rate is set for another increase to 12% on 1 July 2025 which means even more money in your super.

Super paid on parental leave

Parental Leave Pay is a government scheme that provides a payment for up to 18 weeks to help families taking time off work to care for a newborn or newly adopted child. However, this payment currently excludes super.

From 1 July 2025, parents eligible for the scheme will also be paid 12% super on the government funded payments. When women take time out of the workforce to raise children it impacts their retirement incomes, on average ending up with 25 per cent less super than men.1 The government hopes the reform will help close the gender superannuation gap.

Thinking of starting a family? Learn more.

1 July 2026

‘Payday Super’

Under these proposed new rules employers will be required to pay their employees’ SG contributions at the same time as their salary and wages. Currently, employers are only required to pay SG on a quarterly basis. This change makes it easier for employees to check their employer is making their contributions and for the correct amount. This particularly benefits those in lower paid, casual and insecure work who are more likely to miss out when super is paid less frequently.

The government estimates that requiring employers to pay more frequently will also allow workers to save more for retirement. For example, it estimates a 25-year-old median income earner currently receiving their super quarterly and wages fortnightly could be around $6,000 or 1.5 per cent better off at retirement.2

Track and manage your super via the CommBank App

Learn more about Essential Super

Things you should know

1 Paying super on Government Paid Parental Leave to enhance economic security and gender equality | Ministers Media Centre (pmc.gov.au)

2 Introducing payday super | Treasury Ministers

Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (referred to as Colonial First State, CFS, ‘we’, ‘us’ or ‘our’) is the Trustee of Essential Super ABN 56 601 925 435 and the issuer of interests in Essential Super. Essential Super is distributed by the Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank). The CFS Group consists of Superannuation and Investments HoldCo Pty Limited ABN 64 644 660 882 (HoldCo) and its subsidiaries, which includes CFS. The Bank holds an interest in the CFS Group through its significant minority interest in HoldCo. The insurance provider for Essential Super is AIA Australia Limited ABN 79 004 837 861, AFSL 230043 (AIA Australia). AIA Australia is not part of the Commonwealth Bank Group or CFS. Insurance cover is provided to eligible members of Essential Super under policies issued to CFS.

The information on this page is issued by CFS and CBA and may include general financial product advice, but does not consider your individual objectives, financial situation, needs or tax circumstances, and so you should consider the appropriateness of the advice having regard to your circumstances before acting on it. The Target Market Determination (TMD) for Essential Super can be found at cfs.com.au/tmd and includes a description of who the financial product is appropriate for and any conditions on how the product can be distributed to customers. You should read the Product Disclosure Statement (PDS) and the Reference Guides for Essential Super carefully and consider whether the information is appropriate for you before making any decision regarding this product. Download the PDS and Reference Guides at commbank.com.au/essentialsuper-documents or call us on 13 4074 for a copy. 

None of the Bank, HoldCo, CFS, nor any of their respective subsidiaries guarantee the performance of Essential Super or the repayment of capital by Essential Super. An investment in this product is subject to risk, loss of income and capital invested. An investment in Essential Super is via a superannuation trust and is therefore not an investment in, deposit with or other liability of the Bank or its subsidiaries.