ART welcomes legislative reform on Paid Parental Leave

Published - 19 September 2024

Australian Retirement Trust (ART), one of the nation’s largest superannuation funds, welcomes the passage of legislation through the Senate today to pay superannuation on Government-funded Paid Parental Leave (PPL).

The move follows the Federal Government’s announcement in March this year to continue its historic reform of PPL to improve women’s retirement outcomes into the future.

Australian Retirement Trust Chief Member Experience Officer, Simonne Burnett, said the Fund applauds the Federal Government’s action, a major milestone towards closing the gender pay gap and inequality in the retirement income system.

“We’re committed to supporting all our members to reach their retirement goals and this decision will not only make superannuation fairer, but improve economic security for women's super and retirement,” Ms Burnett said.

“Every dollar towards superannuation counts. Women invest so much of their lives into raising their families and the same needs to be provided in return to safeguard their financial security later in life.”

Research commissioned by ART found only one in four women (28%) feel secure in their financial situation, and less than a third of women feel their superannuation is in a good position.

“There is still a lot of work to do to close the gender super pay gap, and we will continue to advocate for policies that prioritise women,” Ms Burnett said.

Research findings are drawn from a survey of 1,000 Australians, carried out by Ipsos on behalf of Australian Retirement Trust from September-November 2023.