CONTRIBUTIONS DROP OFF

Australians are reducing their voluntary superannuation contributions from the record highs during the bull market of recent years. The latest data from super research house SuperRatings reveals that the average voluntary contribution over the 2017-18 financial year was $1054, a 10% decline on the previous year but just $158pa less than the highest average contribution of $1212 in the 2008 financial year. After the GFC in 2008, voluntary contributions more than halved but have slowly climbed since then. Australians are permitted to make concessional contributions up to $25,000 to their superannuation fund or non-concessional amounts up to $100,000 a year (or $300,000 using the bring-forward rule). “It remains to be seen how volatility throughout 2018 has affected member contributions but super balances remain well ahead over the course of the last decade despite recent fluctuations,” says SuperRatings.