Community
9 November, 2022
Cairns’ highest super savers
CAIRNS’ Bartle Frere, Babinda and East Russell suburbs have been revealed as home to Cairns’ highest superannuation account holders.
Data* from Brighter Super (formerly LGIAsuper and Energy Super) revealed members in the 4861 postcode hold an average balance of around $216,000.
The analysis showed the average balance of the fund’s more than 3,296 account holders in Cairns was around $188,000, which was higher than the average Australian’s $143,979* superannuation balance.
Brighter Super CEO Kate Farrar said it was clear that many Cairns residents had set themselves up for a comfortable retirement.
“Through consistent contributions, we have seen many of our Cairns members grow a comfortable nest egg,” Ms Farrar said.
“Many Australians underestimate how much money they will need for retirement. Once you have retired (or semi-retired), your main income will diminish.
“It’s important you have enough funds to cover you for the rest of your life.”
1. According to the fund’s data, the top six postcodes in Cairns by average balance were: 4861 - $216,000 – Bartle Frere, Babinda and East Russell
2. 4870 - $195,000 – Cairns, Cairns City, Cairns North, Redlynch Bungalow
3. 4865 - $193,000 – Gordonvale, Goldsborough, Little Mulgrave, Kamma, Green Hill, Packers Camp
4. 4868 - $193,000 – Mount Sheridan, Woree, Cairns, Whiterock, Bayview Heights
5. 4878 - $167,000 – Smithfield, Cairns, Yorkeys Knob, Holloways Beach, Caravonica, Machans Beach, Barron
6. 4869 - $166,000 – Edmonton, Bentley Park Cairns, Mount Peter, Wrights Creek.
Ms Farrar said one of the easiest ways for Cairns residents to boost their balance was by taking stock of their super, with data from the Australian Taxation Office revealing there was almost $68 million ($67,968,158) in lost and unclaimed super across the region.**
“Lost and unclaimed super means your hard-earned money is not in your account, and you may be paying multiple sets of administration fees and premiums, eroding your balance,” Ms Farrar said.
“With many Australians changing careers as part of the Great Resignation, now is the time to check in and make sure your savings are consolidated and your superannuation fund is helping build you a brighter future.”
*The latest data from the Australian Tax Office reports that the average total balance of Australian superannuation account holders in the 2019-2020 financial year was $145,388
**As of 30 June 2020, the Australian Tax Office reports that there is $67,968,158 of lost and unclaimed super on the Cairns (postcodes 4865, 4868- 70; 4861 and 4878)
