POWERED BY MOMENTUM MEDIA
ASFA calls on Government to protect women
The Association of Superannuation Funds of Australia (ASFA) has called on the Federal Government to use its budget next week to progress structural policy reforms to improve the economic security of women in retirement.
Eighty per cent of women would currently retire with insufficient super savings to fund a comfortable retirement, with women approaching retirement (age 55-59) averaging $123,642 in savings.
This was well below the $545,000 needed for a comfortable retirement.
ASFA chief executive, Martin Fahy, said that the Government should use the opportunity offered by the Budget to “ensure women are not condemned to experience poverty, and even homelessness, in retirement”.
Homelessness Australia found that single older women are one of the groups who are particularly vulnerable to experiencing homelessness.
Potential reforms put forward by ASFA to protect women in retirement included:
- Lifting the Superannuation Guarantee (SG) to 12 per cent;
- Applying SG to the self-employed and to income replacement payments;
- Removing the $450 a month threshold for SG;
- Reforming the Anti-Discrimination Act;
- Allowing access to super in cases of domestic violence; and
- Improving the operation of family law and super splitting.
Recommended for you
Peri and menopause training founder and TV journalist Shelly Horton has hit back at calls for businesses to introduce menopause leave.
Former federal MP Julia Banks insists that all women can use their personal power to advocate a more inclusive workplace and support other women.
After a successful inaugural event last year, the Women in Finance Summit is returning in 2024 with more business insights and networking opportunities.
Super Review is now accepting nominations and submissions for the Women in Finance Awards, to be held in November 2024.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
