KPMG Australia’s February 2020 submission to the Retirement Income Review Panel focuses on redressing gender imbalance in superannuation and retirement income.
On 3 February 2020, KPMG lodged a submission to the Retirement Income Review Panel in response to the release of the Retirement Income Review Consultation Paper (November 2019). In our submission, KPMG highlighted the issue of gender imbalance in the Australian workforce and current superannuation system, and put forward recommendations that would help redress this balance.
In making this submission KPMG has drawn on its previous modelling, focusing on the disadvantages faced by women in Australia – that is on gender equity and fairness.
Women comprise just over half of Australia’s population, but earn on average $26,000 a year less than men, face strong work discrimination and receive superannuation payouts around half those of men.
Our submission makes recommendations for changes to improve the retirement outcomes for women, noting that these would also impact men in similar situations.
In summary we made the following recommendations:
A look at how far the superannuation industry has come, the challenges, and potential for the future.
We explore the opportunities for the superannuation sector with the introduction of the New Payments Platform (NPP) and Consumer Data Right (CDR).
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