The release of Payday Superannuation legislation by the Federal Government today will mean all Australians receive their superannuation payments sooner and will retire thousands of dollars better off, in a move welcomed by the superannuation peak-body, ASFA.
Commencing on 1 July 2026, the Legislation will require all employers to pay their employees’ super at the same time as their salary and wages.
ASFA CEO Mary Delahunty welcomed the announcement, saying the superannuation sector looks forward to working with the government to implement the reform.
“Payday super means over three million workers will see their super build in real-time, alongside their wages. It will mean less lost super and better outcomes in preparation for retirement. We are sure that this change will encourage people to engage more regularly with their retirement savings,” Ms Delahunty said.
ASFA says payday super will also have a tangible impact on retirement savings by ensuring workers don’t miss out on the benefits of compounding investment returns through more frequent contributions.
According to ATO data, there were more than 500,000 cases of underpayment and over 200,000 cases of non-payment of super in the 2022 financial year, with the ATO estimating a figure of $5.2 billion in lost retirement savings. This disproportionately affects lower-income earners, women, and casual workers – groups that payday super is specifically designed to assist.
“ASFA is committed to working to make sure payday super is not only implemented in an orderly and controlled manner, but also delivers real benefits for Australians’ retirement outcomes. We look forward to engaging in the Treasury consultation process over the coming weeks and working through the detail so that this important reform can be implemented by 1 July 2026.
“Our focus is on making sure that these changes translate into meaningful improvements for workers’ futures, providing the comfortable and secure retirement they’ve worked hard for and deserve,” Ms Delahunty concluded.
For further information, please contact:
ASFA Media Manager Richard Garfield, 0451 949 300.
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.
