Legislation to improve super for the nation’s lowest paid workers – legislation that was inexplicably abandoned by the Government late last year – must be passed by both houses of Parliament this week in order to meet the 1 July introduction timeframe.
The removal of the income threshold of $450 per month on compulsory super payments was announced by the Treasurer in the 2020/21 Budget last year, but the legislation was pulled without explanation from the Treasurer or the Minister for Superannuation in early December.
Women in Super said if the bill is not passed, 300,000 workers paid less than $450 a month – two thirds of whom are women – would continue to be penalised as the only income taxpayers in the country to not have super paid on their wages.
Furthermore, Australians working a range of small jobs with multiple income sources under $450 a month would continue to receive no super payments, despite their combined income being above the threshold.
Women in Super Chair Kara Keys has called on the Government to commit to passing the legislation this week.
“Time is running out for women on low incomes and people working multiple small jobs,” Kara Keys said.
“The Bill is before the Parliament this week, and has bipartisan support. There is no reason not to pass it.
“It would be astonishing if the Treasurer and the Minister for Superannuation could not get this reform through the Parliament this week, having announced in last year’s Budget it would be implemented by 1 July this year.”
Women in Super wrote to the Treasurer and the Minister for Superannuation in January to stress the importance of passing this important and uncontroversial reform for low income workers.
Women in Super is an industry body that advocates for superannuation policies to improve women’s economic security.
