An estimated 8.8 million Australians will see an extra $330 each year in their superannuation starting from 1 July.

The Super Guarantee rate – the minimum amount employers must contribute to their employee’s superannuation funds – will rise from 10.5 per cent to 11 per cent next month, and will continue to rise an additional half a per cent until it reaches 12 per cent in 2025.

 In practical terms, this means Aussies stand to benefit from an extra $330 each year.

According to Industry Super Australia, a 30-year-old on the median wage today would receive an extra $18,300 by the time they retire.

Industry Super Australia Chief Executive Bernie Dean said that young workers on lower incomes will stand to benefit the most from the changes.

That’s not the only major change coming on 1 July.

Senior Australians will be allowed to move an additional $200,000 into a tax-free retirement phase income stream, providing an alternative to withdraw in super in large sums.

However, a temporary 50 per cent reduction on draw down rates will also end on 1 July, meaning seniors supporting themselves with an income stream will need to withdraw more of their super.

Australians waiting to apply for the aged pension will also have to wait a bit longer, as the eligible age will rise from 66 years and six months of age to 67.

Families are also expected to benefit from the changes, as those that earn less than $80,000 a year will now be eligible to have 90 per cent of their childcare fees subsidised by the Government.

The maximum household income for eligibility will also rise from $346,000 to $530,000.

 The minimum wage will see a 5.75 per cent increase, and for the approximately 180,000 workers on the national minimum award, wages will rise by 8.6 per cent. 

This in practical terms sets the national minimum wage to $23.23 per hour, or $882.80 per week.