Mackay workers ripped off $25.9 million in superannuation

One in four Mackay workers have been ripped off more than $1000 on average in superannuation in a 12 month period — amassing to a staggering $25.9 million.

More than 18,000 Dawson workers were ripped off a staggering $25.9 million in a 12 month period.

The figure swells to more then $56 million when it incorporates the neighbouring Capricornia electorate where $30 million is owed to workers.

It has prompted calls for changes to the way superannuation is paid, with Industry Super Australia calling on federal politicians to mandate it be paid on pay day, not quarterly as some employers have opted for.

ISA has analysed the most recent tax data for the Dawson electorate in 2018-19 showing more than one in four Mackay workers lost on average $1392 each.

The analysis showed workers in hospitality, tourism and blue-collar jobs and young employees were the most likely to be underpaid superannuation.

ISA reported it could take workers months to learn they had not been paid super, which then made recovery difficult.

And 70 per cent of workers unaware super could be paid just four times a year rather than with every payslip - a point ISA was seeking to change.

Your Money superannuation generic images. Brunette woman holding one hundred dollar bill 100 cash note.

ISA chief executive Bernie Dean compared the superannuation process of everyday workers to politicians.

“Super is your money, you should get it paid at the same time you get your wages,” Mr Dean said.

“Local federal politicians get their super paid on payday, they need to act to help local workers.

“The majority of employers who are doing the right thing are being undercut by competitors who are getting away with daylight robbery.

“Paying super with wages is the only way to get workers their money and level the playing field for business.”

Only last year Mackay residents were vastly made aware of their superannuation status with $257 million collectively drained from accounts during the funds early access scheme.

Data in March 2020 showed 34,300 people in the Dawson electorate applied to access the scheme with 4800 residents completely wiping their superannuation account.

At the time, Mr Dean said people draining their accounts was “a tragedy waiting to happen”.

“The only way to repair the retirement savings of Queenslanders is to lift the super rate,” he said.

“It is critical to helping rebuild savings wiped out and to avoid tax hikes on working people to prop up more people drawing a full pension.”