The typical Victorian woman is retiring with $66,200 less super than men – as the federal government drags its feet on fixing the gender super gap and still has not re-committed to sticking with the legislated super increase.
The median super balance for a Victorian woman in her early 60s is just $163,200, lagging the male median of $229,400. Both are behind the $545,000 recommended for a comfortable retirement.
These stark figures highlight the need for the government to keep its promise to lift the super rate to 12%. Women on middle to low-income are the most likely to get the legislated super boost and lifting the rate will contribute to closing the gender super gap.
Victorian women of nearly all ages also have less super than men.