The latest Financy Women’s Index (FWX) for the September quarter has shown the superannuation gender gap is closing, with true parity between men and women now predicted to be achieved in a more rapid timeframe.
.
To this end, the FWX superannuation sub-index rose by 0.6 points to 79.2 points during the quarter partly on the back of improved female wage growth. This resulted in the estimated period of time it will take to completely close the gender gap falling to 13.9 years, down from the previously predicted 17 years.
FWK author Bianca Hartge-Hazelman noted the superannuation sub-index now has the second-shortest timeframe to equality of any sub-index after ASX 200 boards, forecast to be 4.7 years.
“Closing the gender gap in superannuation savings is a crucial step forward to improving the long-term financial security of women, given that they are more likely to spend time out of the paid workforce caring for loved ones,” the report stated.
Overall, the FWX rose 0.12 points over the September quarter to 79.44 points, a new record high with underemployment and superannuation elements playing a key role in the result.
“This record high is reflective of fragile progress. While we celebrate the gains in superannuation and hours worked, the cracks appearing in childcare confidence and the stagnation in board diversity serve as a stark reminder that our progress is not yet cemented in strong foundations,” Hartge-Hazelman said.
Women’s full-time employment fell slightly (0.1 per cent) in the quarter, as part-time employment rose by 1.2 per cent, and participation rates retreated from recent highs as childcare usage dropped following recent safety failures.
“When families can’t trust the childcare system, women step back from work and men stay out of the care workforce – reinforcing the idea that caregiving is ‘women’s work’,” Deloitte Access Economics associate director and FWX Advisory Committee member Rhiannon Yetsenga explained.
“Breaking that cycle starts with affordable, high-quality childcare, unlocking more equal participation and a more balanced gender workforce over time.”
The setting up of a SMSF and all administration tasks such as preparation of your trust deed and the completion and lodgement of relevant ATO statements.
Ensuring your SMSF is compliant with current superannuation laws and regulations
Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.
Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.
Login to Secure File Transfer, or contact us if you require a username and password.
Disclaimer
Information provided on this web site is general in nature and does not constitute financial advice.
Peter Price & Associates has taken reasonable care in providing this information, unless expressly stated, it should not be construed as being specific to your investment objectives, financial situation or particular needs.
Peter Price & Associates will endeavour to update the web site as needed. However, information can change without notice and Peter Price & Associates does not guarantee the accuracy of information on the web site, including information provided by third parties, at any particular time.
This information is prepared for residents of Australia only. Any currency references are references to Australian dollars unless otherwise specified.
Unless otherwise specified, copyright of information provided on this web site is owned by Peter Price & Associates. You may not alter or modify this information in any way, including the removal of this copyright notice.
This web site does not offer securities or other financial products, nor does it invite subscriptions for securities or other financial products to any person outside Australia. Peter Price & Associates does not guarantee the repayment of capital or any particular return from, or any increase in, the value of any Peter Price & Associates products unless otherwise expressly agreed.
Further, Peter Price & Associates disclaims any liability for loss, damage, cost or other expense which you may incur as a result of any information provided on this web site, to the extent that such liability is not excluded by law.
Legal Statement & Privacy Policy
This publication provides general advice only. No direct or implicit recommendations are given in this publication. This means the general advice provided has not been prepared taking into account an individuals particular financial circumstances (ie investment objectives, financial situation or particular needs). You should assess whether the advice is appropriate to individual financial circumstances before making an investment decision.
Save for statutory liability which cannot be excluded Peter Price & Associates disclaim all responsibility for any loss or damage which any person may suffer from reliance on this information or any opinion, conclusion or recommendation in this publication whether the loss or damage is caused by any fault or negligence on the part of Peter Price & Associates or otherwise.
Prescribed Events
We are required to advise if certain prescribed events have occurred within the last five years (but not before 1 July 2022). This will enable you to make a fully informed decision on whether to engage or re-engage Peter Price & Associates to provide tax agent services.
(a) We advise there are currently no matters that we are required to report to you.
We are also required to advise whether the tax or BAS agent registration of Peter Price & Associates is subject to any conditions.
(a) There are no conditions attached to our registration.
Peter Price & Associates Pty Ltd adopts a strict 14 day payment term for all accounts rendered. Full payment of fees must be made 14 days from date of each invoice, unless otherwise agreed upon by Peter Price & Associates Pty Ltd.
You have the options of paying by credit card (Master Card or Visa Card), cash, cheque, money order, direct credit, or we can deduct our fees from your ATO refund. Please contact us for account details if your choose to direct credit to our account, we can also accept credit card payments via phone.
In the event that your payment is late, to the extent permitted by law, interest and charges for late payment will begin to accrue after 30 days from the due date. Payment plans can be arranged to avoid disruption to services. Any costs incurred by debt collectors will be added to outstanding fees payable.
