New figures released today show how the Government's superannuation co-contribution
scheme is working for women.
Minister for Revenue and Assistant Treasurer, Mal Brough, said of the initial
processing run of 215,000 lower and middle income earners who will receive a
co-contribution payment in the 2003/04 financial year, 59% are women.
"Today's figures are a positive sign that the superannuation co-contribution scheme is helping women to build wealth for their retirement future. Women are clearly showing they want to 'upsize' their retirement savings.
"The Government understands that Australian women will move in an out of the workforce. That's why we're giving low and middle income earners a helping hand, and changing the structure of superannuation to add greater flexibility and accommodate part-time work and periods out of the workforce.
"In contrast, Labor's vision for Australian women in retirement is one of total dependence on their spouse's superannuation or the pension. The best thing we can do is help both men and women to control their own superannuation assets.
"Despite encouraging figures like these, Labor remains opposed to the co-contribution scheme. There are 31 female ALP Members and Senators in Parliament, perhaps they could drag their male colleagues into the 21st century and get behind the co-contribution scheme.
Eligibility for the co-contribution payment in the 2003/04 financial year is based on the Government matching dollar for dollar personal superannuation contributions made by persons earning $27,500, phasing out at $40,000.
"In the 2004 2005 Budget the Government significantly extended the co contribution scheme to provide further incentives to low and middle income employees. Eligible personal superannuation contributions will now be matched at 150 per cent of every dollar contributed subject to an increased maximum co contribution of $1,500 for those persons on incomes up to the increased lower threshold of $28,000. The maximum co contribution will also now phase out at an increased upper threshold of $58,000 (up from $40,000)."