Submission to Inquiry into Economic security for women in retirement

by John Daley and Brendan Coates


Women’s increasing workforce participation has contributed significantly to Australia’s economic productivity and to women’s financial independence. But significant socio-economic disparity remains between men and women. 

The average woman spends less of her working life in paid work than men. She is more likely to work part-time, and earn lower wages. Her lower average lifetime earnings mean she will not only retire with comparatively less savings, but will be at greater risk of experiencing absolute poverty in retirement due to smaller retirement savings.

Beyond the Age Pension, Australia has a contributory retirement incomes system. Those that save more and accumulate greater assets have higher incomes in retirement. Since women tend to earn less than men over the working lives, they accumulate fewer retirement savings, and receive lower incomes in retirement.

This submission by John Daley, Brendan Coates and Danielle Wood proposes two reforms that could help address the gender gap in retirement savings, and provide a boost to the retirement incomes for the most vulnerable women.

 

Download the submission

Related Articles

news

27 April 2017

Why should we care about housing affordability?

Published by Inside Story, Thursday 27 April Housing affordability” is the barbecue stopper of the moment. Both state and Commonwealth governments have declared it a priority. But before governme…

news

29 March 2017

How the Productivity Commission can shake up super

Published by the Australian Financial Review, Wednesday 29 March The Productivity Commission has released its draft report on alternative models for the half-trillion dollar default part of the sup…

podcast

24 April 2017

Will the ALP’s new housing affordability plan make a difference?

An interview with Australian Perspectives Fellow, Brendan Coates. Labor has announced their new package to fix housing affordability. Along with their existing stance around winding back negative gea…