Superannuation

The majority voted against a motion introduced by Greens Senator Larissa Waters (Qld), which means it failed.

Motion text

That the Senate:

(a) notes that women retire with around 40 per cent less superannuation than men, and supports legislative change to close this gap as quickly as possible;

(b) acknowledges that if the Gillard Government had adopted The Greens amendment to the Paid Parental Leave Bill 2010, to ensure superannuation was paid to primary parents on leave, this gender retirement income gap would now be smaller;

(c) notes that the flat 15 per cent tax rate on superannuation contributions is regressive, with a disproportionate impact on the retirement savings for women, as they make up the majority of low income earners below the median wage; and

(d) calls on this or future governments to significantly boost the retirement balances of women by:

(i) making super contribution taxes progressive by setting them at 15 per cent below marginal tax rates, and

(ii) increasing the Low Income Superannuation Tax Offset for earners below the tax-free threshold, in order to ensure all workers gain an equal tax benefit from superannuation.