Australians are putting more money into their superannuation accounts after tax changes targeting property investment, with several major funds reporting increases of up to 35 per cent in voluntary contributions.
MLC and AustralianSuper said additional payments had risen by 35 per cent compared with the same periods last year. Colonial First State and AMP also reported stronger contributions following the federal budget.
The changes will restrict negative gearing to newly built investment properties from next July, while the existing 50 per cent capital gains tax discount will be replaced with an inflation-adjusted model.
Mandatory employer contributions currently account for 12 per cent of wages, but fund members have been adding further amounts to their retirement savings.
Voluntary contributions traditionally rise in June as people seek tax benefits before the end of the financial year. However, the funds said the latest increases went beyond the usual seasonal uplift.
MLC reported that additional contributions between May and August were 35 per cent higher than during the same period in 2025. AustralianSuper recorded the same annual increase in June and said the trend continued through July and August.
Andrew Brunero, a private wealth adviser at Shadforth Financial Group, said the budget measures had prompted people to think more closely about superannuation.
“The last few months with … some of the recent tax changes and that side of it has definitely got people talking and thinking about superannuation more than they have,” he said.
Mr Brunero said the changes to property taxation were likely to have influenced decisions by investors, describing them as a “major headwind on the property investment front for a lot of investors”.
Funds report stronger voluntary contributions
AustralianSuper, which manages more than 430 billion Australian dollars, said the strongest growth had come from members aged between 50 and 66.
Rose Kerlin, the fund’s chief member officer, said members were increasingly viewing super as a tax-effective way to build retirement savings and benefit from compound interest over time.
MLC said it had received questions from members about the recent policy changes. Renee Howie, its chief customer officer, said the increase suggested people were taking steps to improve their long-term financial position.
Colonial First State said voluntary contributions were running above normal levels, with the strongest growth among members aged under 40. Its chief executive, Kelly Power, said it was too early to draw firm conclusions, but the figures indicated that Australians were considering how the reforms might affect their retirement outcomes.
Melinda Howes, AMP’s group executive for superannuation and investments, said the fund had seen a “clear increase” in voluntary contributions in June after the budget.
Independent economist Saul Eslake said it was possible some people were choosing superannuation over investment property or other assets as a result of the tax changes.
“If people are thinking constructively about their retirement, that’s a good thing,” he said.
