Labor’s changes to superannuation tax rules for the wealthy have put superannuation in the spotlight again. The changes are minimal but there are bigger, longstanding issues with Australia’s super system. Here we use lattes to show some of them – and look at what can be done to fix them.
The impact of having children, an increased burden of caring duties, and subsequent reduction in working hours is clear when looking at overall superannuation statistics.
The latest data shows that, as of 2019, men aged 60 to 64 had a median super balance of $178,800, while women in the same age group had a median balance of $137,050, a gap of 23.4%.
