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Co-contribution scheme 'supersizing' superannuation accounts.

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David Hawker MP Federal Member for Wannon Electorate Office: 190 Gray Street, Hamilton, Vic., 3300 Ph: (03) 5572 1100 or Local Call 1300 131 692 Fax: (03) 55 72 1141 Email: Web:

Media Release The Hon David Hawker MP Speaker of the House of Representatives Federal Member for Wannon

15 February 2005


Member for Wannon, David Hawker, today welcomed new figures showing the Australian Taxation Office (ATO) has paid out a superannuation co-contribution to over 3,650 low to middle income earners in the Wannon electorate.

“For individuals receiving a co-contribution payment, the average value of their personal super contributions is around $2,920 - a tremendous show of confidence by low and middle income Western Victorians in the superannuation system,” Mr Hawker said.

“It’s great to see Western Victorians of all ages embracing the co-contribution scheme”.

The payments relate to contributions made during the 2003/04 financial year, where eligibility for the payment was based on the Government matching dollar for dollar personal contributions made by persons earning $27,500, phasing out at $40,000.

“Significantly, 63% of payments have gone to females, with these women receiving an average co-contribution of approximately $570,” Mr Hawker said.

37% of the payments were for males with an average value of approximately $490.

The Australian Government has paid out approximately $244 million in co-contributions to the superannuation funds of 450,000 people around Australia.

Mr Hawker reminded people that in the 2004/05 Budget the Government significantly extended the co-contribution scheme to provide further incentives to low and middle income employees.

“In the current financial year eligible personal superannuation contributions will be matched at $1.50 for every $1 contributed up to a maximum co-contribution of $1,500 for those on incomes up to $28,000. The maximum co-contribution will phase out an increased upper threshold of $58,000 (up from $40,000),” he said.

Media contact: Jane Templeton (03) 5572 1100