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Technical update: CPI, AWOTE & Super parameter changes (Ui-te-Rangiora v2)
23 February 2022
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Technical updates
CPI & AWOTE update
Following the Australian Bureau of Statistic's (ABS) release of the Consumer Price Index (CPI) figure for the latest quarter, Pathfinder's CPI figures have been adjusted:
Old | New | |
|---|---|---|
CPI | 2021 = 1.5 2022 = 1.5 2023 = 2.0 2024 and onwards = 2.5 | 2021= 3.498 2022 and onwards = 2.5 |
As well, users' custom assumptions have been updated so historical figures before FY2022 match government published figures, while retaining custom future assumptions.
The Average weekly ordinary time earnings (AWOTE) figures have been updated in Pathfinder:
Old | New | |
|---|---|---|
AWOTE | 2021= 2.0 2022 = 2.0 2023 = 2.0 2024 = 2.5 2025 and onwards = 2.75 | 2021= 2.25 2022 and onwards = 3.0 |
Note that the ABS will release the latest quarter's AWOTE figures on 24 February 2022, and will be updated again following this date.
Super details changes
The Government Bill “Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021” passed both Houses of Parliament on 10 February 2022. The relevant items of this bill include:
Removal of the monthly threshold for salary or wages to count towards the Super Guarantee.
Repeal of the work test for superannuation contributions, including the bring forward rule.
As a result, the following changes have been made to Pathfinder:
Old | New | |
|---|---|---|
Minimum salary for Super Guarantee | 5400 | 0 |
Cut-off age for bring forward rule | 67 | 75 |
Notes for existing users
Please refresh your results for active cases
The changes below will apply to all cases with scenarios that are solved on or after 18 February 2022 (irrespective of the case creation date). If your scenario was solved before this date, click ‘Start solve’ again to update your results, ensuring all scenarios are using the same technical details. For more information, see How to check when your results were created.
For the updated assumptions, any cases you started before the release date will continue with the previous assumptions. Any cases you create after the release date will have the old assumptions.