The Retirement Income Review Panel has been tasked with establishing a “fact base” of the current retirement income system, focusing on three pillars: the government age pension, compulsory superannuation, and voluntary savings including home ownership. Women in Super has prepared a submission in response to the Review, asking the Panel to utilise a gender lens, when considering the current system, because women, by nature, live, work and retire differently than men do, and these differences need to be considered in order to ensure the system in more equitable in the future.
We have urged the panel to ensure that there is a nuanced and detailed examination of the obstacles faced by women in relation to achieving a level of retirement income that affords a reasonable standard of living, rather than decades of economic insecurity, poverty, and for a growing cohort, homelessness. Some of these obstacles include the difference in male and female life expectancies, and the part-time nature of women’s work.
The decreasing rates of home ownership is another factor which needs to be considered, as not owning a home can be a predictor for financial insecurity in retirement for both women and men.
It is important that the data used for the Review includes a gender breakdown, as well as a gender analysis of how the current policy settings have delivered, and will continue to deliver for both men and women, in addition to the impact alternate policy settings will have.
The Panel are due to provide a final report to Treasury on 30 June 2020. Read Women in Super’s full submission.