The Retirement Income Review’s terms of reference needs to include women’s outcomes, Women in Super (WIS) believes.
WIS chair, Cate Wood, said the report needed to look at how policy settings along with the structural, economic, social, and demographic drivers were leaving increasing numbers of women without economic security in retirement.
“There is a crisis in women’s retirement happening all around us,” Wood said. “Single retired women are the fastest-growing group of people becoming homeless in this country.
“The rate of poverty for retired women also continues to increase, which is unsurprising given women retire on average with just over half the superannuation savings of men.”
The terms of reference were published last month by Treasurer Josh Frydenberg and cover how the retirement income system supports retired Australians, the role of each pillar in supporting Australians, distributional impacts across the population and the impact of current policy settings on public finance.