Super News For October 2026

The number of payments going into workers’ super accounts each month has more than doubled since Payday Super started on 1 July, according to research released by the Association of Superannuation Funds of Australia (ASFA) on 12 October.

Around 54 million super payments were processed in August, against an average of around 25 million a month in 2025-26. July reached 64 million, as employers made their last quarterly payments alongside their first payday contributions.

ASFA’s preliminary estimate is that around 7 million workers who were paid super once a quarter now receive it with their wages, mostly weekly or fortnightly. A further 2 to 3 million have probably moved from monthly payments to weekly or fortnightly.

Employees of small businesses are seeing the biggest change, because their employers were the most likely to pay quarterly. One fund with many small business employers received 3.5 times as many employer contributions after 1 July, compared with around twice as many for a fund with a mix of employers and 1.35 times for a fund whose members mostly work for large employers.

The same industries have some of the highest levels of unpaid super. Building and construction, road transport, cafes and restaurants, hairdressing and beauty, and cleaning are all dominated by small businesses. The ATO’s most recent estimate is that $6.2 billion in super guarantee went unpaid in 2022-23.

Paid sooner, super is invested sooner. ASFA estimates a 25-year-old on average wages will retire with around $5,000 more from more frequent payments alone.

Employers now have seven business days after payday to get super into your fund, so you can check each payslip against your account.

“It’s important to log into your super account and check that your super is actually being paid into your account, and not just being listed on your payslip. If something looks wrong, talk to your employer first, and then the ATO if you need to,” said ASFA chief executive Mary Delahunty.

Super funds to pay $23.8 million compensation levy

APRA-regulated super funds are set to pay $23.79 million towards a $170.26 million special levy for the Compensation Scheme of Last Resort (CSLR). The CSLR pays compensation when a consumer wins a complaint against a financial firm that cannot pay it.

The levy was tabled in Parliament in mid-October and takes effect unless either House disallows it within 15 sitting days.

It covers claims that exceed the annual cap for the financial advice sector. Under Treasury’s new “waterfall” framework, the shortfall is charged first to financial advisers ($10 million), then to the responsible entities of managed investment schemes ($40 million), and the rest is spread across 21 sectors that deal with retail consumers, including credit providers ($28 million) and super trustees. SMSFs will not pay a special levy this year, SMSF Association chief executive Peter Burgess said.

Super trustees’ share is nearly four times what they paid last year, when they contributed $6.1 million towards a $47.3 million special levy.

Assistant Treasurer Daniel Mulino said that because this is the first time the framework has been applied, industry feedback would inform both this year’s levy and how the framework operates in future.

The Super Members Council, which represents profit-to-member funds, argued that super fund members are being asked to pay too much. Under settings Treasury floated in April, it said, super trustees’ share would have been about $16.5 million. The council said Dixon Advisory, United Global Capital and the Shield and First Guardian collapses account for $147 million, or 87%, of this year’s compensation costs.

“We strongly support a sustainable compensation scheme, but the Government’s latest levy proposal fails the pub test,” said council chief executive Misha Schubert.

The fallout from Shield and First Guardian continued this month. On 7 October ASIC sued former financial adviser Osama Saad, alleging his companies were paid around $34 million by entities connected to the two funds, and that in 2021 he advised 217 clients to roll more than $25 million of their super into First Guardian. Separately, law firm Gordon Legal has filed a class action against Macquarie Investment Management on behalf of around 2,800 account holders. Macquarie repaid $321 million to Shield investors on its platform last year, and the claim alleges that payment did not cover the investment growth members missed while their money was locked up.

Government responds to financial abuse inquiry

The government has supported, or supported in principle, 58 of the 61 recommendations of the Parliamentary Joint Committee on Corporations and Financial Services inquiry into financial abuse, in a response tabled on 14 October.

Two measures affect super directly. Draft legislation to stop perpetrators of family and domestic violence receiving their victims’ super death benefits will be released later this year, following the consultation SuperGuide reported in March. The ATO will also be empowered to block rollovers into newly established SMSFs where there are concerns about fraud, financial abuse, misconduct or potential consumer harm.

“We have a responsibility to ensure our financial systems cannot be used as a tool for abuse, and that victim-survivors receive the support they need to rebuild their lives,” said Assistant Treasurer Daniel Mulino.

If you or someone you know is experiencing domestic, family or sexual violence, 1800RESPECT is available on 1800 737 732.

Cost of living delaying retirement for over-50s

More than two in five workers over 50 (43%) are delaying retirement because of the cost of living, and 69% of them expect to work at least three extra years, according to research commissioned by insurer Australian Seniors in March 2026.

The survey of 5,008 Australians over 50 found 59% are concerned their super and savings will not be enough to retire on. Rising everyday costs (63%) and insufficient savings (50%) were the main reasons.

Money is now the main reason retirees go back to work. Among retirees considering a return to the workforce, 77% cite money as their top motivation, up from 50% when the study was last run in 2021.

Finding that work is not straightforward. 72% of those still working believe it is too risky to change jobs at their age, and 47% feel they have been turned down for a job because of their age. Flexibility makes a difference. 27% say flexible work options make them more likely to keep working, and 70% of that group expect it to add at least three years to their working life.

Source: Australian Seniors, Ageing in the Workforce Report 2026

ATO to update SMSF borrowing guidance

The ATO expects to publish updated guidance on limited recourse borrowing arrangements (LRBAs) by the end of October, reflecting this year’s ban on SMSFs entering new LRBAs to buy residential property.

Rulings SMSFR 2012/1 on LRBAs and SMSFR 2009/1 on business real property will be updated and released for public consultation, ATO SMSF branch director Kellie Grant told trustees at a Sydney event on 13 October. Existing LRBAs are not affected by the ban, and SMSFs can still borrow to buy commercial property under the existing rules.