Budget missing ‘fundamental’ super reforms, says HESTA

Ms Blakey said there are important reforms Australia’s next government should deliver in its first term.

“These include paying super on Commonwealth paid parental leave and introducing a superannuation carer credit for new parents to help get their super balances back on track following unpaid parental leave,” she said.

Ms Blakey said recent HESTA research revealed that nine in 10 of the more than 2,300 members surveyed strongly agreed that changes were needed in Australia’s super system to boost women’s financial security in retirement.

Almost eight in 10 members supported a super carer credit where the government makes a super contribution to fill part of the super gap that arises during unpaid parental leave, she noted.

“Our super system has a persisting gender blind spot that sees women retire with almost a third less super than their male counterparts,” said Ms Blakey.

“Eighty percent of HESTA members are women, and those who raise children continue to pay an unfair financial penalty through inadequate super balances, leaving too many vulnerable to poverty as they age.”

She also highlighted the importance of improving the quality and sustainability of aged care jobs and the financial future of those working in the sector.

“This is vital to helping attract and retain the skilled and talented people we will need to provide high-quality care for older Australians,” she said.

“A strong aged care system is a vital piece of Australia’s social infrastructure that benefits all working Australians who will, at some point either directly or through their loved ones, have to rely on these services.”