Saturday Magazine

24 Mar 2024

Saturday, 23rd March, 2024: Misha Schubert, CEO, Super Members Council

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Saturday, 23rd March, 2024: Misha Schubert, CEO, Super Members Council

Nevena and Macca talk to Misha Schubert, CEO, Super Members Council;
SMC is a newly formed organisation. They represent 10 million everyday Australians who hold about $1.5 trillion in savings with profit-to-member super funds. Misha is the inaugural CEO.

“Our purpose is to advocate for the interests of our 10 million members, to ensure that super policy is stable, equitable and effective.”

The Australian Government’s decision to pay super on its parental leave scheme is “a major stride
forward on gender equity” that will boost a mother of two’s retirement savings by about $14,500.
Paying super on the government parental leave scheme will benefit about 180,000 Australian mothers
each year and narrow the gender super gap, which new analysis shows is now $65,000 for those
nearing retirement.

Super Members Council CEO Misha Schubert said the Australian Government’s announcement
signals a clear intent to further improve the quality of life for all women at retirement.
“The Super Members Council (SMC) congratulates the Government for this historic decision to pay
super on Commonwealth Parental Leave Pay,” Ms Schubert said.

“This watershed reform will make a powerful difference to the lives and retirement incomes of
generations of Australian women in the decades ahead – and narrow the gender gap at retirement.”
“It will powerfully propel Australia closer towards the goal of ending the financial ‘motherhood penalty’
in the early years of having children – which has a compounding effect across women’s working lives.”
“It’s the next big step on the road to retirement gender equity – and Australia must continue to take
bold actions like this to ensure all women can have a financially secure retirement.”

Despite Australian women living on average longer than men and retiring sooner, they have about a
third less super than men as they approach retirement.

New Super Members Council analysis shows the gender super gap has narrowed for all age groups –
but women in their 30s have gone backwards – mostly due to not being paid super on parental leave.
Paying super on parental leave is a highly effective gender equity measure and could reduce the
gender gap at retirement by around a quarter. SMC estimates about 94% of the benefits accrue to
women, and about 180,000 women received Commonwealth Parental Leave Pay in 2022-23.