CHRIS BOWEN MP
MEMBER FOR MCMAHON
SENATOR CLAIRE MOORE
SHADOW MINISTER FOR WOMEN
SHADOW MINISTER FOR CARERS
SHADOW MINISTER FOR COMMUNITIES
SENATOR FOR QUEENSLAND
ANZ SUPER INITIATIVE SHOWS THE WAY
Federal Labor today welcomed the launch of the innovative ANZ initiatives to address the gender pay and retirement savings gap.
ANZ is to be congratulated on this industry leading initiative.
Research released by ANZ highlights once again the disparity in earnings and retirement savings between men and women.
Labor is concerned about the considerable pay gap between the working men and women of Australia, which the latest ABS figures show to be at a record high.
We also know that on average women retire with tens of thousands less in their super balances than men do.
Given this fact, it beggars belief that the Prime Minister, and Minister for Women, scrapped Labor's Low Income Superannuation Contribution (LISC).
Industry Super Australia have described the LISC as "the single most important policy setting in the super system which helps to address the inequity in savings gap."
Over the course of a woman's career where they may be in and out of the workforce or working part-time for stretches, the LISC ensured they paid no superannuation contribution concession taxes, which would see their super balances grow more over time.
Labor has a core belief in gender equality and has a record that proves it.
No political party in Australia has done more to address the gender gap in superannuation savings.
It was Labor that legislated for the increase in the superannuation guarantee from 9 to 12 per cent and it was Labor that introduced the LISC.
Labor improved women's leadership opportunities through greater gender balance on Australian Government Boards through $4.3 million commitment to BoardLinks to support women to become board-ready and the Board Diversity Scholarship.
The Workplace Gender Equality Agency, and its reporting framework, was introduced by Labor in 2013 to engage employers in the process of examining their workplaces, their policies and practices, and reporting on their gender equality performance. The data is used to develop benchmark reports, and identify the barriers that lead to the gap.
The Abbott Government has cut back reporting on the status of women in the workforce. It also continually chooses to appoint men from a narrow set of backgrounds to lead its reviews and agencies. This government is not doing anywhere near enough to promote equal representation by women.
There is no question that a gender pay gap exists. According to the ABS it is currently 18.8 per cent and has hovered between 15 and 18 per cent for the past two decades.
The question is, how do we close this gap?
The answer is not by weakening the gender reporting requirements currently in place as the Abbott Government has done.
WEDNESDAY, 29 JULY 2015
JAMES CULLEN (BOWEN) 0409 719 879
MEREDITH HORNE (MOORE) 0408 599 800