Labor love to talk out of both sides of their mouth.
Superannuation is a direct function of how much someone is paid. The higher they are paid the more superannuation they have.
It’s a mathematical impossibility that low income earners and parents who stay at home will ever save as much superannuation as high income earners.
Therefore it’s impossible that Superannuation achieves its goal of ensuring that low income earners ever get off the pension.
The fact that the same percentage of retirees are on the pension today as when superannuation began is proof of that.
The median superannuation balance for women aged 60-64 is only $158,000. That might last 3-4 years if you’re lucky.
Needless to say Labor are trying to cover this up by using taxpayers money to fund the paid parental scheme which is costing billions and is only payable if the mother goes back to work.
This is the hypocrisy from Labor when they claim that superannuation will help people live a better retirement. It won’t help them and it doesn’t help women or men who stay home to look after their children.
Senate on 19/09/2024
QUESTIONS WITHOUT NOTICE – Age Pension
The PRESIDENT: Senator Rennick, first supplementary?
Senator RENNICK (Queensland) (14:50): On average, men will retire with approximately 35 per cent more superannuation than women, as many women choose to stay home for some of their career to raise their children. Wouldn’t it make more sense to reduce superannuation tax concessions and instead lift the pension and cut tax on low-income earners so that they and stay-at-home parents can live a better life in retirement?
Senator GALLAGHER (Australian Capital Territory—Minister for the Public Service, Minister for Finance, Minister for Women, Manager of Government Business in the Senate and Vice-President of the Executive Council) (14:50): Thank you, Senator Rennick. I thank you for the question on women and super, and it is really important and I’m happy to have further discussions with you about what we can do to make it a fairer and better system for women.
Obviously, the passage of the super on paid parental leave bill that passed this place this morning is an important step, as is increasing wages in those highly feminised industries like aged care and early education and care and for workers on the minimum wage because those wage increases will actually flow through and contribute to higher superannuation balances as well. But I’m open to further discussions. Indeed, I met this morning with HESTA, whose membership is 80 per cent women, about improvements that can be made for women’s superannuation, because you’re right; women on average retire with 25 per cent less super, and women who are older are more economically vulnerable. We are looking at ways to strengthen that.
