Episode Details

Australian teens are set to get a major financial boost as Labor’s new superannuation policy mandates businesses to contribute to the retirement funds of all under-18 workers, no matter how few hours they work — closing a loophole that previously forced teens to work over 30 hours to qualify. This change will inject $405 million annually into the super accounts of 515,000 young Australians, aligning their benefits with those of 17 million others. Treasurer Jim Chalmers frames it as part of a broader push for fairness and cost-of-living relief. While giants like Bunnings and Aldi already comply, major chains like Coles, Woolworths, and McDonald’s don’t — sparking backlash from the Greens, who accuse the ruling parties of favoring corporate profits over youth financial futures. With the current super guarantee at 12%, this reform ensures teens can start saving for retirement from their first job — no matter how part-time they work.

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