EPISODE · Jun 12, 2024 · 2 MIN
Thu, 13th Jun 2024
from Superannuation News Wrap · host Paige Estritori
This episode of the Weekly Superannuation News Wrap discusses the consistent gender divide in retirement savings in Australia. A recent report from the Australia Institute reveals that Australian men aged between 60 and 64 have median super balances 23.4% higher than women in the same age range. This disparity is largely due to Australia's tax concession system, which currently favours the wealthy, costing the nation approximately $54.56 billion this fiscal year. This issue is under scrutiny, with calls for revision as the tax concession for top earners could cover other important expenses. It is estimated that eliminating these concessions could save $12 billion annually. The government is aware of these concerns and is taking steps to reduce this disparity, such as including superannuation in government-funded parental leave and raising the minimum wage. The host calls for listeners to stay informed for better financial decisions.
What this episode covers
This episode of the Weekly Superannuation News Wrap discusses the consistent gender divide in retirement savings in Australia. A recent report from the Australia Institute reveals that Australian men aged between 60 and 64 have median super balances 23.4% higher than women in the same age range. This disparity is largely due to Australia's tax concession system, which currently favours the wealthy, costing the nation approximately $54.56 billion this fiscal year. This issue is under scrutiny, with calls for revision as the tax concession for top earners could cover other important expenses. It is estimated that eliminating these concessions could save $12 billion annually. The government is aware of these concerns and is taking steps to reduce this disparity, such as including superannuation in government-funded parental leave and raising the minimum wage. The host calls for listeners to stay informed for better financial decisions.
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Thu, 13th Jun 2024
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