Superannuation stats tell grim story

By Member for Forde Rowan Holzberger

Forde residents are falling behind in the super stakes, and the numbers are grim.

Fresh figures from the Association of Superannuation Funds of Australia (ASFA) reveal the average super balance in Forde is $100,646, compared to the national average of $166,292. When you zoom in suburb by suburb, the picture gets even bleaker.

The long-term casualisation of the workforce and the gender pay gap are key culprits. Women are especially hard hit, often stepping away from paid employment to undertake work caring for family, only to find their retirement savings lagging far behind. This data shows not everyone in Forde is heading for a comfortable retirement.

But the tide is turning.

From July 1 this year, the Albanese Government has lifted the compulsory employer contribution super rate from 11.5% to 12%, a move expected by ASFA to boost the average Forde worker’s retirement savings by $118,209 over the course of their working life, bringing locals closer to a comfortable retirement.

In a major win for working families, super will now be paid on 24 weeks of parental leave, which will further close the gender pay gap. Right now, women retire with 25% less super than men, a gap our Government is determined to close.

Dodgy bosses who fail to make super payments are also in the firing line, with tougher enforcement on the way.

The figures also reveal the percentage of people older than 65 who receive the age pension is dramatically higher in Forde than the national average – 70.6% compared to 56.8%. That is why services like Medicare are so vital to both young families and older people in our community.

Our number one priority is delivering a secure future for people in Forde.