Geelong and Surf Coast mothers have missed out on $20.9 million in retirement savings while on parental leave in the past decade, according to a national industry group.
Industry Super Australia analysis shows up to 19,000 mothers in the Corio and Corangamite electorates received Commonwealth parental leave payments in the past 10 years.
In 2019-20, 1150 mums in the Corio electorate missed out on $1.5 million in superannuation payments, while 1295 in Corangamite missed out on $1.6 million, according to the organisation.
Over the past decade, 9290 female recipients of parental leave payments in the seat of Corio lost $10.4 million in superannuation, Industry Super Australia said.
Another 9340 in the Corangamite electorate together missed out on $10.5 million, the group said.
“Geelong women are being made to sacrifice their retirement savings to have children,” Industry Super Australia advocacy director Georgia Brumby said.
“It’s hard enough trying to juggle work and raising a family – it’s not fair that thousands of women are also being slugged with this hidden pregnancy tax on their super as well.”
Industry Super Australia is calling for federal government to include a “modest” superannuation payment in its 18-week paid parental leave scheme.
According to the organisation, Geelong women have less super than men, with the gap widening “dramatically” in their 30s when many women take time out of the workforce to raise children.
The lack of superannuation in the parental leave scheme could cost a mother-of-two $14,000 from their retirement nest egg, according to Industry Super Australia.
