AUSTRALIA - The first year of the expanded co-contribution scheme has produced contributions worth over AUS$695m which 890,000 Australians will be entitled to, according to the minister for revenue and assistant treasurer Peter Dutton.
Under the expanded scheme the government contributes $1.50 for every $1 of after tax superannuation contributions made by employees earning up to $28,000, up to a maximum co-contributions of $1500 per annum.
“Women have embraced the co-contributions, with 498,753 making payments into their superannuation funds last year which entitled them to an average co-contributions payment from the government of approximately $855,“ Dutton commented.
He also noted that more than 30% of co-contributions were made to Australians aged 35 or younger, suggesting that younger Australian generations are paying more attention to their superannuation responsibilities.
Over the first two years of the co-contribution entitlements, over 1.5m entitlements worth around $1.046bn have been paid out which, according to Dutton, “completely embarrass” the Labor party’s position that the scheme should be abolished.
By Daniel Flatt
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