How AustralianSuper is Helping to Close the Gender Super Gap

Women approaching retirement have around 23 per cent less super than men₁. This may be due to lower earnings, part-time employment, and time spent out from the workforce while caring for family.

It shows how the gender super gap can make a big difference to the financial future of many Australian women, especially to long-term super balances.

Closing the Gap

The Low Income Superannuation Tax Offset (LISTO) was introduced to help those on low incomes boost their retirement savings.

Currently, if you earn $37,000 or less a year you may be eligible to receive a payment of up to $500.

However, more can be done to help make super fairer for low income earners, especially women who represent 63 per cent of all low-income workers receiving the LIST0₂.

AustralianSuper is one of 12 super funds asking the Federal Government to make changes to the tax system in helping to close the gender super gap₂.

This includes raising the LISTO eligibility to $45,000 and increasing payments to $640. This could help over a million Australian workers a year, of which around 632,000 are women₂. 

In addition to this, and more importantly for women in the workforce, is the request for super to be paid as part of the Government's Parental Leave Pay scheme. 

These proposed changes would benefit many women who take on caring responsibilities, that are currently being negatively impacted in retirement.

Planning for a Better Retirement

The good news is there are a number of simple things you can consider doing today, which may make a big difference to your super balance when you reach retirement.

AustralianSuper has a range of tools, information and simple steps you can take to help take control of your super.

Women and Super — Bridging the Gap Together

AustralianSuper will be hosting 'Women and Super — Bridging the Gap Together' webinars throughout March as part of their International Women's Day celebrations. These sessions will explain more about the gender super gap and look at ways to help grow your super.

To register your place, click here.

Be sure to check out the latest ClubTV episode highlighting the 'Women and Super — Bridging the Gap Together' seminars here.

<sub>1. Ages 60-64, Deloitte Average Balances to 30 June 2022, rounded to the nearest $100. People with zero superannuation are not included in average data. 
2. Women in Super media release: 16 August 2023 Super funds unite to urge gender equality reforms to superannuation tax offset.</sub>

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