The 2021-22 Federal Budget focused on post-pandemic economic recovery, with job creation at the heart of many of the announced measures.

The budget’s economic forecasts confirmed that the superannuation guarantee (SG) would increase from 9.5% to 10% from 1 July 2021, as previously legislated.  

This is the first of several increases scheduled to occur over the next four years, raising the SG to 12% by 2025. 

The budget included some developments for superannuation and retirement-related proposals.

Proposed super reforms:

  • Removal of the $450 minimum monthly income threshold for the superannuation guarantee
  • First home super saver (FHSS) scheme expanded
  • Downsizer contributions open to over 60s
  • Work test to be abolished

Read our budget recap

Important: these budget announcements are proposals only and shouldn’t be considered final until they are passed by the Federal Parliament.