HESTA's predictive research incorporated factors such as taking career breaks to raise families and part-time employment. HESTA's CEO, Debby Blakey, highlighted the role of the increased super guarantee in improving retirement outcomes, particularly for women in traditionally lower-paid sectors like aged care and early childhood education. This change is seen as pivotal in helping more women retire comfortably.
The implementation of a 0.5% rise in the super guarantee comes in conjunction with legislative changes that now ensure super payments are made on Commonwealth Paid Parental Leave. According to Debby Blakey, while these are positive changes, additional policy reforms are needed to address remaining inequalities affecting women and low-income earners in Australia's super system.
This development should serve as a stepping stone towards building a more equitable superannuation framework, marking significant progress, but not a final destination, in reforming the retirement savings system.
