Home topics news Image Credit: Mad-Wolf-Photography-Madeline-Wolf. News News Budget 2024: Budget boosts women’s retirement savings by $14.5k Yajush Gupta May 15, 2024 Millions of Australian women are set to benefit from a significant financial boost to their superannuation thanks to the 2024 Federal Budget. The 2024 Federal Budget confirms a super-sized investment in Australian parents – in a major stride to help close the gender super gap and deliver a financially stronger retirement for Australian women. A landmark reform to pay super on Government Paid Parental Leave from 1 July 2025, alongside a pledge to fund anticipated pay rises for workers in highly feminised industries in childcare and aged care, will deliver millions of Australian women more money while they are working and in retirement. Women in Australia still retire with about a third less super than men, despite living longer and retiring earlier on average. And retirement savings for women in their 30s are going backwards proportionally. Super Members Council CEO Misha Schubert said paying super on parental leave will boost the savings of a mother-of-two by about $14,500 by retirement – with 180,000 Australian families set to benefit each year. “The historic announcement to pay super on parental leave takes Australia another major stride closer to ending the financial motherhood penalty many women face when they have children,” she said. “It’s a watershed reform that will powerfully strengthen retirement savings for Australian mums and help to narrow the gender gap at retirement.” “The anticipated pay rises for the