Salary and Superannuation update
As you may know by now, each Australian State Government negotiates with the Australian Medical Association to determine Consultant salaries, entitlements and allowances. This is why salaries vary from state to state. These Wage agreements tend to be in block years 2022-2026, for example.
Victoria and the Northern Territory, have mandated wage increases still to happen in 2025, whilst most of the other Wage Agreements have triggered their last schedule increases in 2023. We'll expect new Wage agreements in 2026 or thereabouts. Most likely a continuation of the previous with approx. 2.5% YoY increases across a 3 year cycle.
Superannuation (Super) is the employer paid pension. It is currently at a minimum level of 11% but all employers must raise this to 11.5% in July 2024. It will go up again in July 2025 to 12%. This will be the final increase. It has been going up in small increments since I left Australia in 2014 when it was 9.5%. Super is a great benefit and all health services allow you to salary sacrifice to add to it. It is not taxed going into your fund. You can't access it until you are 60 years old either to encourage savings.
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