Jess Walsh (Victoria, Australian Labor Party) Share this | Hansard source

The Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Bill 2024 marks another step forward in closing the retirement gap—a 25 per cent gap—that exists between men's and women's superannuation balances at retirement. This bill will provide greater economic security for working women. That's because this government, more than any government before us, are putting women front and centre in everything we do.

It was Julia Gillard and Jenny Macklin who, in 2011, introduced the Paid Parental Leave Scheme—a cornerstone of support for Australian families. At the time, it was rightly celebrated. Over the past 13 years, it has been Labor governments who have continually improved on this scheme, driven by the dedication of champions like Jenny Macklin, by women's organisations and by unions. Again today, with this bill, we are building on this legacy by adding superannuation to government-funded paid parental leave. From 1 July 2025, superannuation will be paid on paid parental leave for births and adoptions, and this crucial step is designed to ensure that everyone can enjoy a dignified retirement, including women, who we know disproportionately undertake caregiving roles and retire with about 25 per cent less super than men. By adding superannuation to paid parental leave, we take another step forward to closing the gender retirement savings gap and tackling the issue of gender equality more broadly.

In my time as a senator, I have been one of many people on the side of the chamber who has championed women's economic security, and I am incredibly proud to be part of a government who put women front and centre and champion women's economic security. The work that women do in our society is essential, and it has been undervalued for far too long. The care that women provide at home has been undervalued for far too long, too. As a government, we value women's work. We value the caring roles that women perform in society. And we've shown that over and over again. We've shown it by supporting 15 per cent pay rises for our nation's educators and aged-care workers, and we're showing it again with this bill to make sure that women can continue to accrue their retirement savings while they're undertaking the incredibly important work of caring for young children at home.

Reforms like these are only possible with Labor governments. However, the opposition are trying to stand in the way of these reforms. Their proposed amendments, which would allow individuals to choose a lump sum payment instead of paid parental leave, absolutely undermine the purpose of this bill and the integrity of our superannuation system. Of course, we shouldn't be surprised that the coalition wants to take a positive change like this and use it to undermine our universal superannuation system. But, on our side of the chamber, our message is clear: superannuation is for your retirement, and you should be earning it when you take time out of the workforce to give care to young children.

This bill goes beyond strengthening women's retirement security. It recognises the value of unpaid care. It ensures that those who take time off work for caregiving are not penalised in their retirement savings. Around 180,000 families a year will benefit from these changes, receiving up to $3,000 in superannuation contributions. These are tangible benefits for families across Australia. Additionally, employer-funded paid parental leave is a powerful tool for attracting and retaining staff. This bill encourages employers to align with the strengthened government scheme. The union movement, the women's movement and employers have been calling for this change for years, and this bill shows that we are listening. The Women's Economic Equality Taskforce, which did such powerful work, has recommended this change. Again, the Albanese Labor government is listening to and fulfilling that recommendation.

To conclude, our Paid Parental Leave Scheme has been an absolute game changer for Australian families, and this bill will strengthen it even further, benefiting women, benefiting families and benefiting the economy. It ensures Australians receive the economic security that they deserve during their working lives and in retirement too.