Women and lower income workers will benefit from new measures to increase their superannuation balances with a Shorten Labor Government investing $400 million to help close the super gap.
On average, women retire with $113,000 less in their super than men – 40 percent less.
Labor believes that no Australian should be penalised for taking time out of paid work to have children.
That is why we will ensure that Werriwa recipients of Commonwealth Paid Parental Leave and Dad and Partner Pay payments continue to receive super contributions.
This will mean that new mums and dads who access government paid parental leave won’t have their super put on hold while they access the scheme.
Labor will also phase out the $450 minimum monthly income threshold for eligibility for the superannuation guarantee – helping people who work part-time, casual and in multiple low‑paid jobs to increase their super balances.
Anne Stanley said that universal, compulsory super is one of Labor’s greatest achievements, and today’s announcements will build on this record.
“This is a complex issue. While today’s measures won’t end the problem, they will help reduce the inequity in the system,” said Anne.
“This is great news for anyone in Werriwa who will access the government paid parental leave scheme, and will help get our super system working more effectively for women.
“This is important - by the time they are 60, 34 per cent of single women in Australia live in poverty.
“Today’s announcement is an investment in helping people have more financial security and a better retirement.”
In contrast, the Liberals have a pathetic record on superannuation and have undermined it at every turn. The Liberals voted against the introduction of universal, compulsory superannuation, and subsequently voted against all of the increases to the superannuation guarantee.
A Shorten Labor Government will not only protect super, but take these important steps to ensure that Australian women benefit from a better and fairer superannuation system.