More than 17% of low and middle income-earners will receive a Federal Government co-contribution to their superannuation, according to official figures for 2003/04.

This comes as no surprise to the Investment and Financial Services Association, which lobbied independent senators and the Democrats to support the super co-contributions legislation.

CEO Richard Gilbert says if someone puts $1000 into gambling, the odds are that the money will be lost. “Under the Government’s plan, if you put $1000 into your super, it will pay out up to $1500, with low risk and little paperwork.”

Mr Gilbert expects the 2004/05 take-up to be even better, as the early figures are based on an initial offer of dollar-for-dollar.