The Super Members Council has joined forces with leading advocacy organisations to call for urgent reform to Australia’s superannuation system.
A new Super Members Council report, Unfinished Business: Fixing Gaps in the Super Guarantee reveals Australia’s frontline carers are being made poorer in retirement because they miss out on super when caring intensively for loved ones, often for years.
More than one million Australians, including carers, part-time workers under 18, and domestic workers, are still excluded from the super guarantee, with women disproportionately bearing the cost of these long-standing gaps.
The report finds that paying super to unpaid carers could leave them up to $45,000 better off in retirement. Super Members Council CEO, Misha Schubert, says the system’s exclusions are simply unfair to millions of Australians.
The call to fix the gap is backed by COTA Australia and organisations that represent those hardest hit by the current system’s shortcomings.
Read the report HERE