When did superannuation start in Australia? Find out the history and evolution of the retirement savings system, and compare superannuation products and rates at RateCity. Whether you are looking for a low-fee fund, a high-performing fund or a fund that suits your life stage, RateCity can help you make an informed choice.. Figure 1 shows that, on average, superannuation balances for women aged over 15 years were 33.5 per cent lower than men in 2015-16. This compares with a gap of 42.0 per cent in 2005-06. Superannuation gaps vary between age cohorts, with gaps lower for younger age groups and much higher for those close to retirement age.
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What year did compulsory super start in Australia? The superannuation industry had big changes in 1992. That’s when compulsory super, also called the superannuation guarantee (SG), started in Australia. The government, led by Prime Minister Paul Keating, made a law for employers to pay 3-4% of their workers’ wages into a super fund.. When did superannuation start in Australia? Until 1976, the super arrangement was not mandatory under law. However, in 1983, the system of compulsory super fund for every Australian employee was conceptualized and enacted with a 3% contribution from the employee and employer upon the total salary.