Budget 2022: Measures for women
In this year’s Federal Budget, the Government has announced specific measures which will benefit women.
The Women’s Budget Statement covered areas such as economic security, safety and health and wellbeing.
Prime Minister Scott Morrison and minister for women, Marise Payne, said: “The Government has overseen continued improvements in women’s workforce participation, and is committed to further narrowing the gender pay gap and the gender superannuation gaps by continuing to support increased participation.
“This Budget invests $441.6 million in new and expanded initiatives to increase women’s workforce participation, reduce barriers to women working in the paid workforce, and offers additional assistance to women to build a financially-secure future.”
Women’s workforce participation was at a record high while women’s unemployment was at its lowest level since 1974. The gender pay gap was 13.8%, down from 17.4% in 2013.
The superannuation gender gap was 23.4% for people aged 60-64 and the Government said this was “expected to narrow over time” thanks to the increased women’s workforce participation and maturing of the superannuation system.
Regarding Paid Parental Leave (PPL), the Government said it was broadening the income test to include a household income threshold of $350,000 per year which would particularly support women who were primary earners and did not have access to employer-funded parental leave.
Dad and Partner Pay would be combined into PPL to provide eligible families access to up to 20 weeks leave to use in ways that suit their specific circumstances.
“Changes to PPL, to be introduced no later than 1 March, 2023 following stakeholder consultations, will increase eligibility for working parents, which will further help families with raising children and with cost-of-living pressures. These changes will benefit the roughly 260,000 parents who access PPL annually, with an additional 2,200 families gaining access who were previously not eligible.”
However, Eva Scheerlinck, chief executive of the Australian Institute of Superannuation Trustees (AIST) commented that not enough had been done.
“We’re disappointed the Government has failed to take action such as introducing super on paid parental leave, assessing the financial coercion of women using the early release of super scheme in the early days of the pandemic, and more effectively addressing the gender pay gap.
“There’s not enough in this Budget for women, who are behind the retirement ‘eight ball’, earning 33% less and having 40% less super than men, living longer than them and spending more time out of the workforce caring for children and family.”
AUTHOR
Laura Dew
Recommended for you
Insignia Financial has announced a board director will be stepping down next year after almost a decade amid a board refresh.
Zenith Investment Partners has appointed a Brisbane-based business development manager, who previously led Fitzpatrick Private Wealth Partners as a director and senior adviser.
Praemium has said it is open to investing in artificial intelligence “in a big way” as it believes it can transform the business and details how it is already being used by the firm.
Sequoia has shared its strategic initiatives for FY25, including organically increasing its licensee market share and restructuring its specialist investment arm.
