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SME Business News

Budget delivers for Australian women

  • Written by Senator Cash


The Turnbull Government’s national economic plan for jobs and growth in a stronger, new and more diversified economy will provide specific assistance to women to ensure they are empowered, safe and assisted through Australia’s economic transition.

 

The 2016-17 Commonwealth Budget will build on the Government’s strong efforts to boost women’s workforce participation, strengthen women’s economic security and further ensure women and their children are safe from violence.

 

SUPERANNUATION

 

This Government is committed to building a strong economic future for all Australians, particularly for women, as they are most likely to experience interrupted work patterns. 

 

This contributes to women having lower lifetime earnings and therefore lower superannuation balances.

 

The Government’s superannuation measures will help women accumulate greater superannuation. These changes include:

·         Supporting women to make catch-up payments to their superannuation;

·         Extending the current spouse tax offset to help families support each other to accumulate superannuation savings; and

·         Supporting low income earners, who are more likely to be women, to accumulate superannuation through the Low Income Superannuation Tax Offset (which replaces the Low Income Superannuation Contribution).

 

Evidence shows that despite living longer than men, on average women retire with 35 per cent less superannuation. Women should not be economically disadvantaged because they take time out of the workforce - the Coalition Government is taking action to ensure the gap in superannuation accounts between men and women is lowered.

 

Women are also encouraged to consolidate their superannuation accounts to avoid multiple sets of fees.  You can use myGov to find and consolidate your superannuation accounts easily.

 

DOMESTIC VIOLENCE

 

This year’s Budget will also provide $100 million in new funding over three years to reduce violence against women and their children.

 

The measure will focus on initiatives to empower women and their children, and provide targeted assistance for Indigenous and culturally and linguistically diverse women and their children.

 

The measure will draw on the recommendations of the Third Action Plan and will build on the $101.2 million that was provided in the Women’s Safety Package.

 

The Third Action Plan is part of the National Plan to Reduce Violence against Women and their Children 2010-2022. It is due for release in mid-2016.

 

YOUTH UNEMPLOYMENT

 

Lifting women’s participation in work is essential to raising our living standards and securing Australia’s future prosperity.

 

The $840 million Youth Employment Package will assist young women and men into work by providing them with the training and work experience that employers are looking for, further strengthening the Government’s efforts to boost women’s workforce participation.

 

HEALTH

 

This year’s budget will also contribute to the improved health and wellbeing of Australian women.

 

We are providing women with access to earlier, safer and better detection of breast cancer, delivering additional support for mothers suffering perinatal depression and increasing our investment in the National Cancer Screening Register.

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