Superannuation.com
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Right now, super is 2.8 trillion dollar industry
By 2032 it will be 10 trillion dollar industry
Why?
Employer mandatory contributions:
2020 - 9.5% of gross salary
2021 - 10% of gross salary
2022 - 10.5% of gross salary
2023 - 11% of gross salary
2024 - 11.5% of gross salary
2025 - 12% of gross salary
For all the world: Superannuation Fund mandatory contributions by employers is like employers having to contribute to contribute to your 401k.
Australia aims for self funded retirement.
So I earn $110,000pa - gross, my employer contributions will be $11,000pa.
F##k yeah!
P.s. The balance of my Superannuation is invested in Managed Funds, so add an average of 8.5%pa over a 10 year period.
Plus, personal contributions allow for tax concessions. The industry is projected to triple over the decade: KPMG