Superannuation feels like something you will worry about later — but starting early makes a huge difference. Here is everything you need to know as a first-time worker in Australia.
What is superannuation?
Super is a retirement savings system where your employer puts money aside for you on top of your wages. The rate is 12% of your ordinary earnings, and since 1 July 2026 employers have to pay it into your fund each time you get paid, not just every few months.
Example: If you earn $500 this week, your employer adds $57.50 to your super fund automatically.
Do I need to set it up?
Yes — you need to choose a super fund and give your employer the details. If you do not choose one, your employer will put your super into a default fund, which may not be the best option for you.
How to choose a super fund
- Go to moneysmart.gov.au and compare super funds
- Look for low fees (management fees eat into your savings over time)
- Check the investment options — most young people choose a growth or high-growth option
- Popular funds for young workers: Australian Super, Hostplus, REST, HESTA
How to set it up — step by step
- Step 1: Choose a fund and sign up online — takes about 10 minutes
- Step 2: Get your member number and fund BSB/account details
- Step 3: Fill in a Super Choice form — your employer must provide this
- Step 4: Hand the form to your employer or HR
- Step 5: Check your fund after your first pay to confirm the contribution arrived
Pro tip: Create a myGov account and link it to the ATO. You can see all your super funds in one place and consolidate multiple accounts (so you are not paying fees on two separate funds).
What if I have multiple super accounts?
Many people accidentally end up with multiple super accounts — one from each job. This means you are paying fees twice. Log into myGov → ATO → Super and consolidate them into one account.
Can I access my super early?
Generally no — super is locked until you reach preservation age (currently 60). Early access is only available in very limited circumstances like severe financial hardship. Be cautious of any scheme that claims to help you access super early — many are scams.
