Jana Stewart (Victoria, Australian Labor Party) Share this | Hansard source

I know how exciting it can be to grow your family. When I first entered this chamber in July 2022, I was 35 weeks pregnant. Already a mother to then-six-year-old Jude, I knew my decision to come into this place carried a lot of weight. But I entered this place knowing that the Albanese Labor government was fighting for working mothers just like me. Historically, taking time out of the workforce to raise children could have had a negative impact on your financial future. Today, the Albanese Labor government is changing that.

I am pleased to speak in support of the Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Bill 2024, a piece of legislation very important to me and many families across this country. Under paid parental leave, the government supports parents to take time off work after the birth or adoption of their child. In 2016, when I had my first son, I had the privilege of using the government's paid parental leave to stay home with my son—and if I had been able to receive superannuation on top of paid parental leave, that would have been the cherry on top too.

We are putting families at the centre of our government's investments by investing $1.1 billion to pay superannuation on government paid parental leave from July 2025. For babies born or adopted from 1 July next year, this bill delivers to all eligible parents an additional 12 per cent of their paid parental leave as a contribution directly to their superannuation fund. This super contribution will match the superannuation guarantee rate as of 1 July in the financial year the paid parental leave is taken. It will rise with any future increases to the legislated superannuation guarantee, and the contribution will be made annually by the ATO. It will also include an additional interest component to address any forgone superannuation earnings as a result of the payments not being made regularly.

What I really love about this bill is that 180,000 families will benefit from these changes, which is incredible. Once the Paid Parental Leave scheme reaches 26 weeks in 2026, the maximum amount a family will receive in superannuation contributions will be around $3,000—or about an extra $106 a week. With women generally more likely than men to take parental leave, paying super on paid parental leave is an important step towards achieving gender equality by reducing the gender gaps in retirement savings.

The Albanese Labor government is putting women in the driver's seat to determine their financial future. We are championing working parents and we're delivering cost-of-living relief for families. This bill is good for parents, good for families, good for women, good for business and good for the economy. Under Labor governments, women win and families win.