Women on super slide
‘Govt must lift rate to 12pc’
QUEENSLAND women are retiring with 30 per cent less superannuation than men, according to concerning new analysis.
The gap, equalling about $55,000, has prompted calls for the federal government to lift the super rate to 12 per cent.
The analysis, undertaken by Industry Super Australia (ISA), has revealed that the median super balance of women about to retire is $131,500, compared with $185,700 for a man.
It also found that the super balances for both men and women in Queensland fell below the national averages and well below the $545,000 that is recommended.
ISA advocacy director Georgia Brumby said it wasn’t right that Queensland women retired with balances “persistently” lower than what they needed for an adequate retirement.
“Queensland MPs have a choice – they can fight for the super increase and for super to get paid on every dollar earnt or explain to female voters why they think it’s OK for many local women to retire into poverty,” Ms Brumby said.
“Superannuation Minister Jane Hume was right when she said the ‘longer the increase is delayed a generation of women will face economic insecurity as a direct result of inadequate savings’. As the new minister for women’s economic security, we hope she acts on her own sage advice and delivers the promised super boost to women.”
Women’s Economic Security Minister Jane Hume said there had been substantial progress on the pay gap and participation gap.
“Tipping ever increasing amounts of your hard-earned money into super is not and cannot be the answer to every social ill,” she said.
“Importantly, the balances of women retiring today reflect a majority of a working life without compulsory super at 9.5 per cent and a system created by Labor that was never built to recognise women’s work patterns or the gender pay gap.”
ISA’s analysis found the federal electorate of Fisher – which captures the Sunshine Coast – has the lowest median balance for retiring women across Queensland of $88,400.