Women’s retirement outcomes in limbo with SG on chopping block

The Federal Government cannot be taken seriously on women’s economic security while it has the superannuation guarantee (SG) increase on the chopping block, the Australian Council of Trade Unions (ACTU) believes.

The ACTU said Australians would lose over $14.1 billion in super a year if the increase was cut, with the average person losing around $1,630 in savings a year.

It pointed out that Assistant Minister for Superannuation, Financial Services, and Financial Technology, Jane Hume, had said she was “ambivalent” about whether the Government delivered an already legislated increase to the SG.

ACTU president, Michele O’Neil, said: “The Morrison Government can’t have it both ways. It can’t tell us it cares about women’s retirements savings while the increase in superannuation is on the chopping block”.

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The ACTU said Hume needed to make up her mind on whether she would convince her colleagues to resist the “self-serving push of the big business lobby to cut the super increase”.

“Is she serious about supporting women’s retirement savings and addressing the superannuation gap between men and women, or will she sit by quietly while her government tears up the most significant increase to women’s retirement savings in a generation?” it said.

“If the Government is really interested in women’s retirement outcomes, they’d keep their promise to increase super and improve the super system so that every dollar earned attracts super, providing super during parental leave and reform unfair tax concessions.”