Where we stand on the 2022 federal election

 

A note from the CEO, Jo Kowalczyk

With the 2022 Federal election looming, I – like everyone else - am watching closely to see which party will form government after May 21. 

While neither major party have taken any superannuation issues to this election, WIS has always had the view that women’s retirement adequacy cannot be fixed by any one (or even two) policies, and instead sits in a much broader space of women’s economic security. 
The key election issue of free or affordable childcare, which has been modelled to boost women’s workforce participation to the tune of $27 billion back into the economy ($8 billion more than it will cost to implement) will undoubtedly have a positive impact on women’s super balances, as will addressing the gender pay gap that persists in every single industry.

WIS has been publicly vocal about the policy settings we would like to see changed within the super industry.  Over the last year we have welcomed the removal of the $450 threshold, and the implementation of the legislation to improve the visibility of superannuation assets in family law proceedings. These policy changes have large impacts on low income women and women leaving relationships and we now turn our focus to the next changes we would like to see implemented –

  • Pay superannuation on the Commonwealth Paid Parental Leave scheme.
  • Update the rate of the LISTO to be in line with current tax brackets
  • Maintain current timetable of SG increases to achieve 12% on 1 July 2025
  • Introduce a Carer’s Credit Framework that acknowledges the unpaid work that women do and ensures it does not cause financial disadvantage.
  • Undertake a gendered review of the impact of the COVID-19 pandemic on women’s retirement outcomes
  • Commission PBO modelling of the impact that multiple policies changes working together will have on women’s retirement adequacy
  • Introduce a benchmark of retirement adequacy that does not destine Australians to a retirement in poverty

WIS remains committed to working constructively with the next government to advance our agenda for a retirement system that has gender equality at its core.

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