Women have emerged as the major beneficiaries of the Federal Government’s superannuation co-contribution regime according to data released by the Commonwealth this week.
The data, released by the Assistant Treasurer, Mal Brough, shows that 63 per cent of co-contribution beneficiaries are women, receiving an average payment of around $570 while the remaining 37 per cent of men receive an average payment of around $495.
Perhaps more importantly for the Government as it seeks to deal with the retirement savings gap, the co-contribution data also reveals that more than 47 per cent of beneficiaries are baby boomers.
Commenting on the data, Brough said that co-contribution regime represented an enormous success for low and middle income Australians.
He said the data represented a positive start for the co-contribution regime which was aimed at maximising the retirement savings of Australians at the same time as engaging them on the importance of superannuation.
