This shift to payday super aims to simplify payroll management for employers and ensure timely contributions to employees' superannuation.

The Super Members Council estimates that nearly nine million Australians will receive their super sooner, potentially adding $7,700 to their retirement savings due to earlier compounding.

Jones emphasized that these changes would strengthen Australia’s superannuation system and enhance retirement dignity for workers.

Millions of Australians could benefit from a $6,000 increase in retirement savings as a result of these proposed changes in superannuation payment timing.

Currently, employers are required to make superannuation payments every three months, which delays contributions for employees.

Starting July 1, 2026, a new draft proposal will require employers to pay superannuation concurrently with salaries or wages.

Assistant Treasurer Stephen Jones highlighted that unpaid superannuation is a significant issue, costing workers billions, with an estimated $5.2 billion in unpaid super reported in the 2021-22 fiscal year.

The Super Members Council described the new laws as transformative, allowing employees to verify their superannuation payments alongside their wages.

Misha Schubert, the Council's CEO, stated that these laws will make the system fairer for both workers and businesses, preventing underpayment issues.