The Secret to Australians Hidden Fortunes

In 1991, the Australian government introduced the superannuation guarantee. This was a new law that mandated that employees had to contribute a certain percentage of their incomes to a retirement savings account. These accounts would be invested into the market similar to pension funds in other countries. But the difference here was that it applied to all workers in Australia with very, very few exceptions. Today, the contribution amount is a mandatory 9.5% of an employee's wage. It has been lower in the past and there are plans to continue increasing it to as high as 15%, but that hasn't been formalised yet.