Westpac's program comes ahead of government plans for payday super next year
Westpac has announced it is rolling out a new program in September to allow real-time super payments for millions of Australians ahead of the government's plan to implement payday super.
The major bank said real-time super payments will be available to all its QuickSuper employers after a trial that began in April 2025.
QuickSuper is an online superannuation clearing house under Westpac that processes superannuation contributions for more than four million Australians.
Westpac said its real-time super program comes after a pilot with more than 100 default fund employers, with the first-ever real-time payment into QuickSuper made via construction superannuation giant Cbus's QuickSuper Clearing House.
The pilot also included a trial payment into QuickSuper from a Western Australian employer, where the clearing house received the payment in real-time and provided immediate feedback to the employer.
"Even better, the member contributions were received and invested by the super funds a full business day earlier than would otherwise occur, so this is a great news story for all participants," said Grant Doherty, Managing Director of Qvalent, which is behind QuickSuper.
Australia's payday super plan
Westpac's program comes ahead of the government's plan to implement payday super starting July 2026 in a bid to address unpaid super.
Doherty said payday super is a win for individuals, but urged employers to prepare for the responsibilities of more frequent payments under payday super, as well as anticipate cash flow issues that more regular super payments may impose.
"There is no more obvious benefit to members than ensuring that their super is paid and invested sooner," Doherty said. "However, the higher volumes and reduced windows for processing will certainly impact funds. Fortunately, real-time payments can help with this."
The latest analysis from the Super Members Council revealed that 3.3 million Australians missed out on $5.7 billion in unpaid super in 2022–23, raising the total to more than $47 billion in super entitlements missed over the past decade.
Mary Delahunty, CEO of the Association of Superannuation Funds of Australia, said payday super is a "game-changer" for all working Australians.
"Receiving super contributions at the same time as wages will mean people can see these contributions in real time, making it easier for them to pick up on any missed payments. It also means the compounding effect of super can apply even sooner," Delahunty said.
