Amy Atkinson: 2021 Federal Budget increased focus on women
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.
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