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Budget 2022: Govt failed to solve super inequalities
color:#222222">Industry Super Australia (ISA) is disappointed that the Government failed to take several steps in its Budget to close inequalities in superannuation.
color:#222222">While it welcomed measures on the Housing Accord, it said numerous problems still remained in the sector.
color:#222222">The first was regarding mandating super to be paid with wages while the second related to the gender pay gap.
color:#222222">ISA chief executive, Bernie Dean, said: “Unfortunately, the government did not take the necessary action to fix the on average $4.7 billion a year unpaid super scourge impacting 2.8 million people – by mandating super is paid with wages.
color:#222222">“Two Senate inquiries and a growing chorus of consumers groups, industry funds, unions and employers say paying super with wages will fix the problem and with the ATO only recovering a dismal 15% of the unpaid super debt its vital for members that this change is made.”
color:#222222">Regarding the pay gap, ISA said it was good news that paid parental leave had been extended from 18 to 26 weeks but there was still no sign of super being paid.
color:#222222">“While extending paid parental leave from 18 weeks to 26 weeks is great news for families, it is disappointing the government did not include paying super on its expanded scheme.
color:#222222">“Women retire with about a third less super than men and paying super on parental leave is a concrete step towards bridging that gap which would give a mother of two at least $14,000 more at retirement.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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