The Department of the Prime Minister and Cabinet has recently published the Australian Government response to the 2016 Senate Economics References Committee Report ‘A husband is not a retirement plan: Achieving economic security for women in retirement’.

The aim of the Inquiry was to identify and address the causes of gender inequality in Australian retirement incomes.

The Report made 19 recommendations intended to help women increase their participation in the workforce and improve their superannuation savings. The Report found that women’s low superannuation balances at retirement are the result of multiple factors, including, but not limited to: the gender pay gap; women having more breaks in their career for family and other reasons; and women representing a higher proportion of the part-time workforce than men. This translates into lower contributions to their superannuation.

In its response, The Australian Government stated its commitment to women’s economic empowerment by ensuring workplace diversity and flexibility, flexible and affordable child care, increasing the incentives for women to work, and getting women into the jobs of the future. It also noted that the Government has engaged in a considered and thorough process on how we can make our tax system better, including taking a comprehensive look at superannuation.

(Source: PM&C | Senate report)

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