80,000 NSW Tradies Recover Record $76 Million in Unpaid Super

IAN ROGERS

Cbus Super has successfully recovered a record $76 million in unpaid superannuation for 80,000 tradies across New South Wales over the past financial year, marking a significant increase of more than a third compared to the previous year.

Nationally, Cbus Super has recovered $200 million in unpaid super for workers in the construction, trades, and allied industries during FY24.

This recovery effort underscores the growing issue of unpaid super, prompting Cbus to urge the federal government to move forward with its commitment to introduce ‘payday super’ legislation. This legislation, once enacted, will require employers to make super contributions to workers’ funds simultaneously with their salary payments.

“The substantial rise in unpaid super we’ve recovered is a stark reminder of the need for stronger protections,” said Marianne Walker, Cbus Deputy CEO and Chief Member Officer. “Missing out on super contributions early in one’s career can have long-term consequences, as workers miss out on the benefits of compounding interest and investment returns.”

New research by the Super Members Council (SMC) highlights the impact of missed super contributions. For instance, a worker missing out on $1,800 of super in a single year could see a reduction of $30,000 in their retirement savings.

“While most employers in New South Wales comply with their super obligations, our experience recovering unpaid super shows that more needs to be done,” Ms. Walker added.

The SMC research also reveals that Cbus members are disproportionately affected by unpaid super, with 41% of labourers, 36% of machinery operators and drivers, and 31% of technicians and trade workers missing out on their contributions.

Cbus Super remains one of the few funds actively recovering unpaid super for its members, having secured more than $600 million for 667,000 members over the last five years.

Join us for October Business Month – fresh opportunities await!

Small business operators in the Tweed region are invited to take part in October Business Month 2024, an exciting and diverse range of activities aimed at fostering growth, innovation, and collaboration within the local business community. Following the success of last year, the Tweed Shire Council has expanded its schedule for this year’s event, which will be anchored by the NSW Government’s Small Business Month –Northern Rivers Expo. Northern Rivers Expo: A Highlight of Innovation and Networking

The Northern Rivers Expo will take place at the Twin Towns Conference and Events Centre in Tweed Heads on Tuesday, 15 October, from 1 PM to 7 PM. The Expo will serve as a hub for industry professionals and emerging talent to network, share insights, and showcase the latest advancements in business. Attendees will have access to informative sessions featuring thought leaders discussing current trends, challenges, and opportunities in the business landscape.

A Comprehensive Calendar of Free Events

In addition to the Expo, the Council has organized a series of 10 free events spread throughout the month, catering to the diverse needs of Tweed’s business operators. These events aim to provide opportunities for skills development, knowledge sharing, networking, and celebration of local business achievements. Workshops will focus on essential topics such as sustainability, branding, and practical advice on conducting business with the Council.

Warren van Wyk, Director of Corporate Services at Tweed Shire Council, emphasized the importance of these initiatives in fostering a thriving local economy.

“The opportunities offered throughout October Business Month reflect our ongoing commitment to genuine engagement and supporting businesses to thrive in the Tweed,” van Wyk said. He noted that the events are designed to equip businesses with the tools and knowledge needed to navigate an ever-evolving market and achieve long-term success.

Future Growth and Collaboration in Focus yet!”

The month’s activities will also feature a series of ‘What’s Coming’ conversations, where Council representatives will discuss key developments and opportunities that local businesses can tap into. Networking events at The Citadel in Murwillumbah will provide an informal platform for business owners to share experiences, foster camaraderie, and build valuable relationships.

Mr. van Wyk highlighted that October Business Month is part of the broader Succeed in the Tweed initiative, which acts as a support network for businesses throughout the Shire.

“This initiative is a testament to the talent, resilience, and vibrancy that define the Tweed’s business landscape,” he said. “Let’s make this October the best one

How to Get Involved For more information on the October Business Month schedule, including event details and booking information, visit the official Tweed Shire Council website at tweed.nsw.gov.au/ october-business-month. Business operators are also encouraged to join the Succeed in Tweed Facebook Group or sign up for the free e-newsletter for the latest updates on local business opportunities and events. October Business Month provides a unique opportunity for the Tweed business community to learn, grow, and connect, helping to ensure continued success and resilience in the years to come. With a strong focus on innovation and future growth, the Council is committed to supporting the local economy and fostering sustainable business practices.