24 July 2023
HESTA welcomes the release by the Federal Treasurer of Measuring What Matters, Australia’s National Wellbeing Framework.
The Framework's emphasis on moving beyond conventional economic indicators to measure indicators such as income and wealth inequality and acknowledge the substantial impact of activities such as unpaid care on the nation is a significant step towards a more inclusive and comprehensive assessment of prosperity.
HESTA looks forward to continuing to collaborate with the Government in this iterative process, placing the wellbeing of individuals at the forefront of governmental decision-making.
The framework includes an indicator relating to the gender pay gap.
HESTA supports the model developing over time also to include a metric relating to the gender superannuation gap, acknowledging the persistent gap in retirement outcomes that exist for Australian women.
Other countries have developed models to understand the full picture of economic prosperity that goes beyond outputs, and HESTA supports the chance for similar dialogue in Australia.
HESTA CEO Debby Blakey said incorporating unpaid care within the Framework would play a crucial role in equitably distributing care responsibilities and elevating women's status in policymaking.
“HESTA has long advocated for compensating unpaid care, recognising its role as a driver of the gendered retirement gap. We have also long advocated for super to be paid on the Commonwealth Parental Leave Pay Scheme,” Ms Blakey said.
“The sacrifice made by individuals, particularly women, who step away from the paid workforce to provide care to others contributes significantly to the nation's prosperity.
“However, this often comes at a personal financial cost as they miss out on wages and superannuation.
“The National Wellbeing Framework offers a unique opportunity to address this issue and pave the way for a more equitable future for the next generation.”
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About HESTA
HESTA is one of the largest superannuation funds dedicated to Australia’s health and community services sector. An industry fund that’s run only to benefit members, HESTA now has more than one million members (around 80% of whom are women) and manages close to $74 billion in assets invested around the world.