The WA areas where men retire with almost double the superannuation of women
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Western Australia has the widest superannuation gender gap in Australia, with women in some electorates retiring with almost 60 per cent less than the men.
The biggest gulf is in the electorate of Forrest, which stretches from Waroona to Augusta, where the median super balance for men is $83,400 compared to just $35,800 for women, data from the Australian Taxation Office analysed by Industry Super, the nationâs largest superannuation lobby group, shows.
The government has answered calls to work on the gender divide in superannuation by scrapping the $450 monthly threshold, but a number of funds and bodies have said the measure is not enough. The cu
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Data showing men’s retirement balances are almost twice the size of women’s in some electorates has given ammunition to groups pushing for super contributions to be paid on parental leave.
The biggest gulf in Victoria is in the Gippsland electorate (Gippsland, Wellington, La Trobe), where the median super balance for men is $84,900, compared to $47,400 for women, Australian Taxation Office data analysed by Industry Super Australia shows.
Paying superannuation on parental leave is backed by eight advocacy and industry groups.
Credit:Louie Douvis
In NSW, the Hunter (Cessnock, Muswellbrook, Singleton) and Paterson (Maitland, Nelson Bay, Williamtown) electorates had the largest super gaps at 38 per cent. Both have median balances of $75,000 or more for men while women’s super accounts had less than $48,000.
The AustralianSuper answer revealed that the fund directed $3,533,953 in the 2015/16 financial year, $4,774,000 in the 2016/17 financial year, $5,454,000 in 2017/18, $5,187,000 in 2018/19 and $5,070,317.
By comparison, big hospitality industry fund, Hostplus revealed its contribution for only the 2020 financial year – being $3.6 million.
Industry Super Australia is owned by 15 industry superannuation funds with Money Management reporting last week that NGS Super paid ISA $619,050 in 2019/20, after having paid the industry funds body $633,328.84 the previous financial year and $626,526.64 in 2017/18.
It also reveals how comparatively small fund, LegalSuper, directed $122,743 to ISA in 2019/20, after directing $132,697 the previous year and $124,664 in 2017/18.
This compares with TWU Super which directed $518,823 in 2019/20, $530,790 in 2018/19 and $773,677 in 2017/18.
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Data showing men’s retirement balances are almost twice the size of women’s in some electorates has given ammunition to groups pushing for super contributions to be paid on parental leave.
The biggest gulf in Victoria is in the Gippsland electorate (Gippsland, Wellington, La Trobe), where the median super balance for men is $84,900, compared to $47,400 for women, Australian Taxation Office data analysed by Industry Super Australia shows.
Paying superannuation on parental leave is backed by eight advocacy and industry groups.
Credit:Louie Douvis
In NSW, the Hunter (Cessnock, Muswellbrook, Singleton) and Paterson (Maitland, Nelson Bay, Williamtown) electorates had the largest super gaps at 38 per cent. Both have median balances of $75,000 or more for men while women’s super accounts had less than $48,000.