Tania Lawrence (Hasluck, Australian Labor Party) Share this | Link to this | Hansard source

The Albanese Labor government is making an important change to superannuation to ensure that every Australian worker, including those in my electorate of Hasluck, receive the super they've earned on time every time. From 1 July 2026, employers will be required to pay super with every pay packet. I know, as a small-business owner, that managing cash flow has to be done on a day-to-day basis. Moving to fortnightly payments of super will smooth those spikes and dips of outgoing expenses that small businesses have to experience.

By amending the practice of paying superannuation quarterly, we will drastically reduce those instances where employers are avoiding their superannuation obligations—putting more money into the accounts of workers, where it belongs. And while most employers do the right thing, we know that an estimated $29 billion of super has gone unpaid in the last six years. That's money that workers have earned and that should be working for them in their super accounts. Paying super on payday makes it easier for workers to keep track of what they're owed, and it makes it easier to recognise when payment issues arise.

These changes will benefit lower paid and casual workers the most as they're the ones who miss out when super is paid less frequently. It's estimated that a 25-year-old medium-income earner today could be around $6,000 better off at retirement because of the Albanese Labor government's change to payday super. I know that for many in Hasluck who work in retail, hospitality, warehousing and construction labouring this change will be a relief. The workers in these professions are the beating heart of our economy and our communities and they deserve to keep every dollar of the super that they earn.

Payday super is also an important step to addressing the superannuation gap that affects women. Women typically retire with 30 per cent less super than their male counterparts, and one-third of women currently retire with no super at all. According to Industry Super Australia, women employed in typically female dominated industries, often on casual or insecure work contracts, can suffer super underpayments that will cost them $40,000 by the time they retire.

With women in their middle-aged and retired years more likely to suffer from economic disadvantage, poverty and homelessness than their male counterparts, addressing this disparity in super payments has never been more important than it is right now. A dignified retirement is one of the promises of this great nation, something we all deserve to look forward to. Workers deserve more than empty promises and empty super accounts; they deserve to be paid in full and on time on payday. I'm proud to be part of this government, which is committed to making it easier for small business but also ensuring that every Australian worker gets every single dollar of super they have earned and not one dollar less.

Alicia Payne (Canberra, Australian Labor Party) Share this | Link to this | Hansard source

In accordance with standing order 193 the time for members' constituency statements has concluded.