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Calls for gender equality in super by 2030
The Association of Superannuation Funds of Australia (ASFA) is calling on the Government to support a commitment to equalise super for men and women by 2030.
ASFA’s benchmark that formed its goal was based on balances of an average 30-year-old man and woman in 2022 and assumed the woman would have one baby over the period to 2030.
Women retired on average with around 23% less super than men and while the gap had been slowly reducing, ASFA senior policy adviser, Helena Gibson, said it was time to implement initiatives that would have measurable impacts on reducing the gap in super balances.
"As we recognise International Women’s Day in 2022 and the theme #breakthebias, we are calling for support for women who take time out of the workforce to have or care for a baby,” said Gibson.
ASFA had undertaken economic modelling which showed that a large portion of the inequity that arised when having a baby could be neutralised for a woman earning $80,000 and eliminated for a woman earning $60,000 or less by introducing two simple measures; the first being Superannuation Guarantee on paid parental leave, and the second being a Super Baby Bonus of $5,000 for each child a woman gives birth to or adopts.
"There is strong support among Australians for policy action. Results of a recent ASFA survey show that more than 80% of people agree that government should try to boost the super balances of women who take time out of the workforce to have children,” said Gibson.
"This means the 300,000 women in Australia that give birth each year will no longer be 'behind the eight-ball' with their superannuation because they have chosen to have a baby and take a year out of the workforce.”
"This is the first step to closing the retirement savings gap and needs to be supported by measures that support eliminating the gender pay gap and providing gender-neutral flexible work arrangements."
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