Twelve million Aussies to get immediate retirement boost within weeks

Millions of Australians will get a boost to their retirement savings when the superannuation guarantee increases in less than a month's time.

On July 1, the guarantee – the proportion of an employee's salary that must be paid into their superannuation account – will rise from 11.5 to 12 per cent.

It will be the fifth and final of a series of boosts that have been phased in since 2021, however the Super Members Council said many of the 12 million Australians who the change will impact don't know it's coming.

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"This increase to people's super is a powerful step forward for Australians' financial futures," chief executive Misha Schubert said.

"But too many people don't yet know it's happening."

The body has released a video to raise awareness of the change as part of its push to increase Australians' knowledge of the superannuation system.

"We know that when people better understand what super is and how it will support their retirement, they're more likely to engage – and that engagement can make a real difference," Schubert said.

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"When Australians understand how super works, have an expectation it will be critical to their wellbeing in retirement, and take a closer interest in their super, they are much more likely to take actions like comparing fees, checking their investment options, making additional contributions, and checking for missing super contributions."

The guarantee rise is one of several changes coming to the superannuation system on July 1, including the federal government's new concessional tax rate for earnings on balances in excess of $3 million.

That tax will affect 80,000 wealthy Australians – or about 0.5 per cent of people with a super account.

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