Fri, 14th Jun 2024

What this episode covers

In this episode of Financial Services Online's Superannuation News Wrap, host Paige Estritori discusses the gender divide in retirement savings in Australia as highlighted in a report by the Australia Institute. Estritori emphasizes on the disparities revealed in the superannuation and tax concession systems which immensely favour men and the wealthy demographic. She underscores the alarming fact that men between ages 60 to 64 have super balances 23.4% higher than women. The issue also extends to wealthier individuals getting greater benefits from the $54.56 billion revenue loss in the previous year's tax concessions. She concludes with a note on the Federal Government's efforts to address this discrepancy through initiatives like integrating superannuation into government-funded parental leave and pushing for increased minimum wages. Ultimately, the goal is to achieve financial fairness and good governance.n

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