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Increasing the Superannuation Guarantee to 12% as currently legislated is key to improving the
retirement outcomes for Australian women, the Australian Institute of Superannuation Trustees
(AIST) said today.
AIST CEO Eva Scheerlinck said lifting compulsory super contributions was necessary to address the
unique challenges that women face when it comes to paid work and career breaks.
“Currently, an estimated 40 per cent of single women are retiring in poverty and older women are
the fastest growing cohort of homeless people,” Ms Scheerlinck said. “Leaving super at 9.5 per cent
will simply condemn more women to financial hardship in retirement at a time when many do not
have safety net of home ownership relied upon by previous generations.”
Commenting on Freedom of Information documents referenced by the media on the weekend in
which Treasury noted that increasing the 12% would widen the gender savings gap, Ms Scheerlinck
said the retirement savings gap between women and men needed to be addressed in other ways.
“Disappointingly, the government has not made any recommendations to reduce the gender gap. It
has identified the problems – such as the gender wage gap and the impact of career breaks on
women - but it hasn’t provided any solutions. Instead, we have Liberal backbenchers and the Grattan
Institute proposing to take away the one solution that will make a difference to women, Ms
“Any move to renege the legislated increase SG to 12% is not going to help millions of Australian
women retire with dignity,” she added.
AIST supports Women in Super’s advocacy to reduce the gender gap in retirement savings with a
range of targeted measures that include:
Media contact: Janet de Silva 0448 000 499
AIST is the peak body for the $1.4 trillion profit-to-member superannuation sector which includes industry, corporate and public-sector funds.
23 September 2019