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Super gender gap reaches 80%

Super gender gap reaches 80%

Reporter
— 1 minute read

Australian men are retiring with 80 per cent more in superannuation savings than women, says Industry Super Australia.

The average male retiree has $322,000 in superannuation, compared with $180,000 for women, according to the latest 2013-14 ABS figures.

Pointing to the discrepancy, Industry Super Australia (ISA) said men aged 55-64 had 79 per cent more superannuation than women of the same age.

ISA chief executive David Whiteley said that unless the super gender gap is closed, many women will be forced to rely on the age pension in retirement.

"These figures reinforce the importance of legislating reforms to rebalance the superannuation system and put it back on a more sustainable footing," Mr Whiteley said.

"As a priority, the new Parliament must ensure the LISTO (Low Income Super Tax Offset) is legislated so that more than 3 million lower paid workers, mostly women, do not unfairly end up paying more tax on their super than they do on their take home pay," he sad.

Mr Whiteley said that men currently receive 65 per cent of tax concessions.

"These lop-sided tax breaks disproportionately benefit a small number of Australia’s wealthiest, highest income-earning men in no need of government assistance to help save for their retirement," he said.

"We need to recalibrate tax concessions to ensure the people receiving them are the people who need them most," Mr Whiteley said.

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Super gender gap reaches 80%
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