Our reforms to the low income superannuation tax offset will help deliver a more secure retirement for more than a million Australians, including hundreds of thousands of young people and women.
We are making the super system fairer from top to bottom.
The majority of people who will benefit from changes to the low income superannuation tax offset (LISTO) are women.
Every dollar we help women save for retirement matters, it's how we make the economy fairer and ensure women aren't left behind.
We are boosting the LISTO by $310 to $810 and will raise the eligibility threshold from $37,000 to $45,000 from 1 July 2027.
Because of these changes, around 1.3 million Australians will benefit, including around 750,000 women and around 550,000 young people under the age of 30.
More than 750,000 additional Australians with income between $37,000 and $45,000 will now become eligible for LISTO, including more than 450,000 women.
Almost 500,000 Australians with income below $37,000 who were already eligible will also receive a higher LISTO payment, including almost 300,000 women.
Workers will receive a boost of up to $810 per year to their superannuation account depending on their income and contributions, with an average increase in the LISTO payment of $410 for affected workers. Workers could receive a potential benefit at retirement of around $15,000 depending on an individual's income over their career.
The workers who stand to benefit from this change include over 100,000 sales assistants, over 50,000 administrative workers and over 50,000 aged and disabled carers.
The changes bring the total number of Australians eligible for LISTO to 3.1 million, of which around 60 per cent are women. Across all 3.1 million LISTO recipients, the average annual LISTO payment will increase by around a third, from $280 to $375.
This is all part of our plan to help low‑income workers earn more, keep more of what they earn and retire with more too.
Labor built our superannuation system and we're making it even stronger, fairer and more sustainable.
We're increasing LISTO, better targeting super concessions, paying super on paid parental leave and introducing payday super, and we have increased the superannuation guarantee to 12 per cent and legislated the objective for superannuation.
