The Australian Institute of Superannuation Trustees (AIST) has welcomed the appointment of Jim Chalmers as Treasurer, Katy Gallagher as Minister for Finance and Stephen Jones as Assistant Treasurer and Minister for Financial Services, in the new Federal Government.
“As the peak body for the profit-to-member superannuation sector, AIST wishes to congratulate the new ministers on their appointments and looks forward to working with them and the new Albanese Government,” AIST CEO Eva Scheerlinck said.
“After a Federal election campaign in which, for the most part, superannuation was only mentioned by the former Government in relation to a poorly conceived proposal to raid it, we look forward to engaging with ministers, staff and other government officials on issues that are important to our members and their retirement savings.
“We will be emphasising the plight of women because their earnings and super balances are significantly lower than men on average, they take more time out of the workforce to care for children and other relatives, and they are more likely to work part time, all of which leaves too many of them in poverty during retirement.
“We can infer from the Federal election results, and particularly the rise of the so-called ‘teal’ independents standing on issues including gender equity, that the treatment of women was a major concern in the electorate and Australians expect much be done to assist them and also protect the super system from further attacks.
“Although the superannuation industry has been through an extended period of change and is hoping for relative policy stability, we will also be looking for improvements that help not only women but also lower paid workers and vulnerable people.”
Ms Scheerlinck said AIST continued to call for superannuation to be paid on paid parental leave because women account for more than 90% of all parental leave taken by primary carers and it is the only paid leave that does not include super.
She said the organisation would advocate for other policy changes including:
• amending superannuation and tax law to ensure children adopted under traditional Aboriginal and Torres Strait Islander law are treated like other children
• extending the Your Super, Your Future performance test to all Australian Prudential Regulation Authority-regulated superannuation products and including their details in the Australian Taxation Office YourSuper tool
• legislating the objective of the retirement income system to ensure superannuation is used only for retirement savings (except in exceptional circumstances)
• improving the equity of tax concessions and support to achieve financial security in retirement for all Australians
• strengthening action against superannuation guarantee non-compliance to address unpaid and underpaid super, and
• applying a gender lens to the retirement incomes system with a view to closing the gender gap.
“Australia has one of the world’s best retirement savings systems but it can still be improved to ensure it acts for the benefit of all Australians, regardless of their gender, culture, education or socio-economic background,” Ms Scheerlinck said.
AIST also thanked the former Coalition Government, including Superannuation Minister Jane Hume, for the removal of the $450 monthly threshold for superannuation contributions that helped about 300,000 people, mainly young, female and lower income and part-time workers.
