Super for students

In plain English, super (or superannuation) is your savings for your retirement. Your employer is legally obligated to make payments into your special retirement super account. That portion is generally 11% of your ordinary time earnings (OTE). OTE is one of those fancy super terms that simply means your contracted work hours.

Your super fund works hard behind the scenes to invest your savings wisely, growing it over time. This growing stash of savings can be used to pay yourself a regular income in your final years of work and into retirement. Super could end up being one of your biggest assets other than your home so it’s well worth looking after.

If you're under 18, you might not see super contributions yet, unless you're a super-driven young worker putting in more than 30 hours a week.

You might've juggled a few jobs over the years, and that sometimes can mean you could have multiple super accounts floating around. It's time to bring them together! One account means fewer fees, easier tracking, and more control over your financial destiny. But don't forget to check if your chosen super fund offers the benefits you need, like insurance coverage, before making the switch.

Consolidating (= bringing together) your super accounts is as simple as a few clicks. Just log into your MyGov account, visit the Australian Tax Office (ATO) section, and see how many funds you have. You can then request to merge them into one super-powered account. If you are already a Media Super member, you can also consolidate online at mediasuper.com.au/login

While your employer handles the contributions, it's a good idea to stay in the loop. Double-check your payslips to make sure your super is being deposited correctly. When you start a new job, check your employer has your super details and matches what's in your contract. It's also a smart move to peek at your super account every couple of months to ensure everything's on track. The ATO can also help with recovering any super your employer hasn’t paid.

We have a history of investing back into our community – supporting industries that are important to our members such as the Australian film and television industry.

Through Fulcrum Media Finance, we’ve supported productions such as The News Reader, Bluey, Collin from Accounts, The Dressmaker, Lion, Top End Wedding, Breath, Last Cab to Darwin, Sweet Country and a host of children’s programs.

We believe that companies that take environmental, social and governance (ESG) factors into consideration and embed these practices into their business models will generate stronger, more sustainable long-term returns. That’s why our investment approach integrates material ESG risks and opportunities^* across our entire portfolio.

^*Material ESG risks and opportunities are those that are considered as likely to affect business or investment performance.

Did you know the government wants to help boost your retirement savings? If you’re eligible, you make personal (after-tax) super contributions during the financial year, the government is there to help. They’ll chip in 50 cents for every additional dollar you contribute, up to a maximum of $500^. Make sure you look into it, as it’s money that could have your name on it.

^{^}For Financial Year 2023/2024, if you earn less than $43,445 per year you may be eligible to receive the Government co-contribution of up to $500 for $1,000 contribution. You may receive a lower Government co-contribution if you earn between $43,445 and $58,445 per year, after which point there is no entitlement to the Government co-contribution.