Amy Atkinson: 2021 Federal Budget increased focus on women

May 17, 2021

Amy Atkinson, Financial Adviser Wealth, summarises the budget areas where the majority of beneficiaries will be women.

This year’s budget saw the introduction of the first ever Women’s Budget Statement which shows an increased focus on women, our safety, and our health. In an 81-page document, the Government focuses on the ‘care economy’ being childcare, Aged Care and health care.

The planned changes will be available to all taxpayers; however, they are targeting areas where research has shown that the majority of beneficiaries will be women.

The Government has committed to investing an additional $1.7 billion which they believe will enhance women’s participation in the workforce by targeting the affordability of childcare. This will be done by removing the subsidy cap faced by higher income earners and increase the subsidy paid to families with two children under five.

The Retirement Income Review indicated that 63% of people currently affected by the superannuation guarantee threshold, are women. To improve women’s financial security, the Government has proposed to expand eligibility for these payments by removing the $450 per month threshold under which employers don’t normally have to pay super.

In addition, a new four-year scheme will offer 10,000 single parents who have dependent children assistance to buy a home with as little as a 2% deposit. According to the latest ABS data, 81% of single parents are women, meaning the incentive could allow mothers the option to get into the housing market with a smaller deposit.

At Alteris Women, our mission is to improve the financial empowerment of women, so we welcome any focus on valuing women’s labour, contribution, health and safety. There is much to do, but this is certainly a step in the right direction.

More insights

Count her in: International Women’s Day 2024

Count her in: International Women’s Day 2024

International Women’s Day 2024 (IWD2024) provided the opportunity to honour the strength, resilience, and achievements of women worldwide, while recognising that women still face significant obstacles to achieving equal participation in the economy. On Friday 8 March,...

Women & Money: Managing the Unexpected

Women & Money: Managing the Unexpected

This month we held our event "Women & Money: Managing the Unexpected" in our Sydney office. We had a diverse and experienced range of speakers which included Amanda Doring (Principal, Russell Kennedy), Amanda Trenfield (MD, Authentic Human) and Bronwen Batty...

Meet Kerri Mendl, Specialist Lifestyle and Care Financial Adviser

Meet Kerri Mendl, Specialist Lifestyle and Care Financial Adviser

Kerri Mendl joined Alteris Financial Group in 2019 and is today a key member of the Lifestyle & Care team. Kerri’s goal is to help families with a loved one who is transitioning into aged care or making plans for future care options. “Too many people don’t know...