Budget super measure ‘leaves women in the lurch’

Alongside Industry Super Australia, AIST and HESTA, Partners Wealth Group (PWG) has expressed disappointment that the budget did not address the gender super gap.

In a new statement, PWG said the superannuation measure “leaves women in the lurch”.

“What was clear is that the government did not want to make superannuation an issue for this election,” the statement read.

“The biggest loser may be women. There was no requirement to pay super guarantee on the commonwealth paid parental leave they announced.”

PWG noted that in the women’s budget, government addressed the super gap by increasing women’s participation in the workforce and reducing the pay gap.

“The government plans to reduce the gender pay gap was through $18.5m funding to the workplace gender equity agency and not through any legislative means,” the statement continues.

“Both ambitions will take many years to reap any benefits."

On Tuesday evening, Treasuer Josh Frydenberg did confirm that the federal government is extending the 50 per cent reduction to minimum superannuation drawdown requirements for retirees into the next financial year.

Originally announced in March 2020 as part of the government’s response to the pandemic, Mr Frydenberg said the reduction would now remain in place until 30 June 2023.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.