SUPER RESULT: Capricornia ranked above state average
SUPER RESULT: Capricornia ranked above state average

Two factors leading to the region’s stellar super result

MINE workers and public servants are behind Capricornia electorate's above average superannuation ranking, according to financial expert David French.

Central Queenslanders had an average super account balance of $131,268, which was higher than the state average of $123,636.

The investment collective managing director said high wages from common professions across Central Queensland increased the average superannuation account.

"People who have been working in the mines and government sectors have significantly higher balances," Mr French said.

"Miners are paid significantly higher from a young age."

Public servants generally had a 15 per cent super annuation employer contribution, which was also key to an increased account balance according to Mr French.

Yeppoon was the highest ranked postcode in Capricornia with the average super fund balance of $158,981.

Australian Superannuation Funds of Australia Electorate superannuation brief: Capricornia (Queensland)
Australian Superannuation Funds of Australia Electorate superannuation brief: Capricornia (Queensland)

The Association of Superannuation Funds of Australia data revealed Emu Park as location with the second highest superannuation accounts in the region - followed by Rockhampton, Sarina and Walkerston.

Age was also a factor keeping the average super balances high, according to Mr French.

The proportion of adults older than 65 in Capricornia was 21.3 per cent, which is slightly below the national average of 23 per cent.

Mr French said being actively involved in increasing your super from a young age was to key achieving a high balance.

"People don't take super seriously because you can't touch it until you retire," he said.

"The earlier you start contributing, the better off you are going to be.

"It's up to every individual to be logging on and accessing their balances and making sure insurance is in place with super and that their employers are contributing."

Couples aged 65, need to spend $61,522 per year to achieve a comfortable retirement, according to the ASFA Retirement standard June quarter - singles need to spend $43,601.

ASFA chief executive Dr Martin Fahy said super had a crucial role in helping people achieve a good standard of living in retirement.

"A comfortable retirement lifestyle enables an older, healthy retiree to be involved in a broad range of leisure and recreational activities," Dr Fafy said.

The average Australian super account was $132,646.



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