Australians will reap the benefits of an increase in superannuation contributions. 

The super guarantee is increasing to 10 per cent.

Neil Kendall, managing director of Tupicoffs, independent financial planners, said it was welcome news for many.

“I think for most people the increase in superannuation is going to a good news story,” he told Bill McDonald.

“If you’ve got a standard wage arrangement with your employer, your superannuation was set at 9.5 per cent and will now go to 10 per cent, that probably affects most people, and that will be an upside.

“If you’ve negotiated a package with your employer … that often includes superannuation and this change will mean at least 10 will go into superannuation so that could mean less take home pay if you’ve got that packaged salary arrangement.”

Press PLAY below to hear his insights and more changes on the horizon