Rest, one of Australia’s largest profit-to-member superannuation funds, has welcomed the Australian Government’s release of draft ‘Payday Super’ legislation today.
Rest Chief Strategy Officer, Tyrone O’Neill says the reforms, which will align Superannuation Guarantee payments to employer’s payroll cycles, will help make the superannuation system fairer and more equitable for millions of Australians.
“The Payday Super reforms are set to give Rest’s 2 million members and all Australians greater opportunity to achieve their best-possible retirement and we commend the Australian Government for progressing this important change towards a fairer super system.”
O’Neill said the reforms, once finalised, will offer considerable member benefits.
“Rest represents more than 2 million members, including around half under 30 and many who are working in part-time and casual roles and may retire with lower balances.
“A significant proportion of our members have their Superannuation Guarantee payments either paid monthly or less frequently, and this is often out of sync with their take home pay.
This will be a powerful change for many of our members and other Australian workers as it will unlock the power of compounding returns as a result of more frequent Superannuation Guarantee contributions,” said O’Neill.
“Payday Super will also make it easier for members to track superannuation contributions - this is particularly important for casual workers, whose hours can vary from week to week.”
“Rest looks forward to working with Government and industry on finalising this legislation.”
About Rest
Established in 1988, Rest is one of Australia’s largest profit-to-member superannuation funds, with around 2 million members and around $93 billion in funds under management as at 31 December 2024.
For more information, please visit our media centre or contact:
Michael Mills
Senior Manager, Communications – Media Relations
michael.mills@rest.com.au
m: 0428 499 722
Emma Kerswell
Senior Manager, Communications – Consumer and Content
emma.kerswell@rest.com.au
m: 0411 794 206
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