Financenews.com.auWhy the average super is set to soar
The median super balance at retirement is set to nearly double to around $450,000 over the next decade, meaning fewer Australians will need the age pension.
The average amount held in superannuation at retirement is set to double over the next decade in a stunning accumulation of wealth that will reduce reliance on the aged pension.
Treasurer Jim Chalmers released new Treasury projections showing the median super balance at retirement will approach $450,000 within a decade, up from around $200,000 now.
The share of older Australians receiving the age pension is projected to fall from 66 per cent today to 52 per cent by 2066, and pension spending as a share of GDP will be the lowest in the OECD.
The data comes as Liberal frontbencher Andrew Bragg pushes to allow super to be used as a mortgage offset or deposit, a proposal that has sparked a fight within the Coalition.
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