From 1 July 2024, the Superannuation Guarantee (SG) rate increased from 11% to 11.5%, meaning you get more super invested for your retirement savings. This is part of the government’s commitment to improving long-term retirement outcomes for workers.
Another change relates to the rules for downsizer contributions. From 1 July 2024, people aged 55 and older, down from 60, can put up to $300,000 from selling their home into their superannuation fund. This is to encourage older Australians to downsize their homes, freeing up larger properties for younger families and helping them have more available funds in retirement.