Kelly O’Dwyer has confirmed that Tuesday’s budget will set aside funding for a women’s economic security statement to be delivered in September.
On Monday the minister for revenue and women said there would be “a lot in the budget for millions of Australian women” but the Coalition would further address issues including workforce participation, pay equity and superannuation with a separate package.
The Australian Financial Review reported that “significant” funding of more than $100m would be set aside in the contingency reserves of Tuesday’s budget for the economic security statement.
She said the statement would “make sure that women have the economic capability, the economic resilience to make choices about their lives”.
“It’s particularly important when you consider that women retire, on average, with a lot less in their superannuation balances than men,” she said. “The median superannuation balance is around 42% less for women.
“All the things that we can do to actually help women to be able to save for their retirement – because women, happily, live a lot longer than men – all that we can do to help them prepare for their retirement will be a good thing.”
O’Dwyer cited previously announced measures including catch-up contributions and the low-income superannuation tax offset which means 1.9 million won’t pay more tax on their super than the marginal tax rate for income.
“We’re building the next steps around women’s economic security and there will be a significant statement in spring,” she said.
Labor has promised to restore the Australian Bureau of Statistics’ time use survey to measure unpaid and domestic work, which is disproportionately done by women, and to put gender at the heart of government decision making.