Do you have $3 million in super? Me neither. These changes will actually help you
Do you have $3 million in super? Me neither. It is estimated that the changes will only impact a tiny fraction of the Australian population, around 80,000 people. That's fewer people than can fit in the MCG. In fact, 99.5 per cent of Australians currently do not have more than $3 million in super. According to ATO data, the average super balance is a mere $182,000 for men and $146,000 for women. Greg Jericho, chief economist at the Australia Institute, crunched the numbers and found that around 97 per cent of people currently in the labour force will never have $3 million in superannuation, no matter how hard they work for their entire lives. Even if a young person works their entire life on the full-time average wage, with no time out of the workforce for kids or illness, they will never accumulate $3 million in super. Not surprising when you consider the median super balance for women aged 60-64 is less than $160,000, meaning half of Australian women have less super than that (half of Australian men the same age have just $211,996 or less).
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