Sat, 15th Jun 2024

What this episode covers

In this episode of the Weekly Superannuation News Wrap, host Paige Estritori discusses the ongoing gender disparity in Australian superannuation savings. Despite national strides towards equality, women's retirement savings dramatically lag behind men's, a situation which also affects government policies and budgeting. The Australia Institute reports that the tax concession system benefits the wealthier disproportionately, resulting in significant revenue loss. Concerns are raised over the scant percentage of super fund owners making substantial contributions, and notably, men near retirement age hold supers averaging over 23% higher than women's. Remedial government measures have been applied, including incorporating superannuation within government-funded parental leave and raising the minimum wage, aiming to decrease this disparity for a more secure retirement for all Australians, regardless of gender. New reforms could potentially lead to significant national savings and more balanced retirement funding costs.

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