btcclub on Nostr: The Australian government have pushed for Employment Super Contributions to increase ...

The Australian government have pushed for Employment Super Contributions to increase each year until it hits 12% (Originally 10.5%).

Don't celebrate too early.

This extra $1,500 per year for every $100,000 salary from the employer isn't funded from the government, its funded by the employer, who then also needs to increase their service cost / price of goods by 1.5%.

All the consumers then need to pay an extra 1.5% for what they consume.

Then the government tax 15% of that.

So essentially you are paying more for what you want, your employer is paying more into your super, but you are paying for that in the increased inflation costs outside of super, and the tax on that is bonus to govfor attacking your retirement.