The dominant industry superannuation funds are pushing the Albanese government to add workers younger than 18 to Australia’s $4.2 trillion compulsory superannuation system. The Super Members Council, the lobby group representing industry super that is spearheading the proposal, says that a typical teenager who works for at least two years would contribute almost $2,200 to their super account by the time they leave high school. That would grow to almost $10,000 thanks to the magic of compound interest by the time they reach retirement age.

The original rule, designed by the Keating government in 1992, excluded working minors on the basis that the contributions and balances would be so small they would get eaten away by fees. But the Council says that with recent changes to preserve small-balance accounts through fee caps and stronger protections, that rationale no longer applies.