Parliamentary question without notice | Women in the Workforce
15/10/2015
The Hon. K.L. VINCENT: Supplementary question: how is the government working to address gaps in superannuation for women given that recent reports seem to suggest that even women in their early 20s who have not yet had time out of the workforce to have children are still disadvantaged in superannuation in comparison to men?
The Hon. G.E. GAGO (Minister for Employment, Higher Education and Skills, Minister for Science and Information Economy, Minister for the Status of Women, Minister for Business Services and Consumers): I thank the honourable member for her most important question. Superannuation is just one more area of disparity between women and men. Of course, the pay gender gap that I referred to clearly results in significant discrepancies in superannuation outcomes at the end of one’s career. That discrepancy begins right at the outset of employment. We know that there is a gender pay gap even at the first-year graduate stage, although it increases as careers go on.
In terms of superannuation at present, there is a Senate inquiry into women’s economic status. The Australian Senate has referred the issue of economic security for all women in retirement for inquiry and a report by the Senate Economic Reference Committee, and I was very pleased to see that inquiry called. Submissions will close on 30 October, if any honourable members are interested in making a contribution. The committee, I understand, held a public hearing in Adelaide. The key focus of the inquiry is to consider:
the impact that inadequate superannuation savings has on retirement outcomes for women;
the extent and causes of the gender retirement income gap;
if there are any structural impediments in the superannuation system;
the adequacy of main sources of retirement income for women; and
what measures could provide women with access to adequate and secure retirement outcomes.
The Office for Women has sent out information on how to make submissions and is encouraging submissions to the Premier’s Council for Women. Clearly, women’s financial security is a key issue for them.
We have been in contact with the Commissioner for Equal Opportunity, Women in Adult and Vocational Education, Women in Super and the Working Women’s Centre. These organisations clearly have the knowledge and expertise to make submissions to address those key industry issues. Obviously, we will watch with great interest to see the outcome and the findings from that inquiry, and we look forward to that. I hope that through that process we can address some of those significant structural inequities that exist that produce very poor super outcomes for many women.
