91����

Tuesday, 29 March 2022

The 2022-23 Federal Budget provided a welcome respite from the significant superannuation reforms of recent years, but there’s more to be done to improve retirement outcomes for Australians, according to 91���� CEO Deanne Stewart.��

Speaking after the Budget, Ms Stewart described it as a missed opportunity for measures that would practically empower women to become more active participants in the post-COVID labour market.

“While cost of living relief is welcome, tonight’s Budget represents a missed opportunity to have a significant impact on the economic security of millions of Australian women and their families,” Ms Stewart said.��

“A short-term cash splash is no substitute for meaningful long-term reform.

“Giving families ‘greater flexibility and choice’ needs policies that genuinely enable women to succeed at work, and to grow at work.

“Reforms like paying the Super Guarantee on paid parental leave and adjusting the Low-Income Superannuation Tax Offset to ensure that those on low incomes don’t pay more tax on their super than they do their take-home pay are key building blocks for a fair and more equitable superannuation system.

“Superannuation paid on parental leave and making childcare more affordable are examples of policies that could have made meaningful, long-term differences to Australian women’s retirement savings.”��

Ms Stewart said that superannuation measures to support self-funded retirees such as the extension of the halved minimum drawdown on pension accounts were helpful, but that it was also important to implement equity measures to support women and those on low incomes.

“We need to take the working lives of Australian women seriously, because if we don’t get that right, women will be condemned to retire in poverty for generations to come.”

Note to Editors

Previously known as First State Super, we changed our name to 91���� in September 2020.

91���� is a name that reflects our members and what we stand for. It echoes the strengths of our past, aligning to our purpose to be a force for good in superannuation, retirement, and advice, driving better outcomes for our members, their families, and communities.��

91���� has been the fund for people who value community since 1992, and we’re now one of Australia’s largest funds and continuing to grow. We merged with VicSuper and WA Super in 2020 and now manage $155 billion in savings for more than 1 million members located across the country.

Our members work in roles that breathe life into their communities and they expect us to do the same. So, we invest in assets that we believe will make a positive difference today – improving our communities, building a more a sustainable economy and supporting employment both locally and globally at the same time as providing strong long-term returns.��

Discover how we’re helping members do well financially while doing good in the world: Visit aware.com.au.