The 1978 Staff handbook confirms that in 1978:
- The Member’s Contribution Rate was 5% of the Member’s Salary, and
- The Employer’s Contribution Rate was 12.2% of total Salaries
The Employer’s Contribution Rate is determined by period actuarial reviews by the Fund Actuary.
Therefore the combined contribution rate was 17.2% in 1978 which was over four times the initial 4% “Superannuation Guarantee” rate introduced in over a decade later 1992 when superannuation was made compulsory for all working Australians by the Keating Government.