Hume takes on Women for Economic Security portfolio

  • By Christine St Anne

The advocate for early release super and the Minister for Superannuation, Financial Services and the Digital Economy Jane Hume has her portfolio expanded taking on the remit of economic security and women.

On Monday, Prime Minister Scott Morrison reshuffled his ministers in wake of a moral malaise gripping the government. 

Hume will take on the additional role as Minister for Women’s Economic Security. 

Hume has played an active role in promoting Australia's digital economy including leading in bringing the consumer data right into legislation. 

However, on the super front, policy measures are not exactly aligned with economic security for women. 

Hume had advocated for early release to superannuation for women fleeing domestic violence but thankfully the idea was dismissed amid the policy after feedback from superannuation funds, legal groups and family violence experts that there would be no safeguards in place.

Hume also backed and rolled out the policy for early release of superannuation during the COVID.

The ATO moved to crack down the measure after it found that some people may not have qualified. 

According to Australia Institute’s Centre for Future Work senior economist Alison Pennington, between April and December 2020, 1.5 million women drew down their super, one-quarter of the entire female workforce.

It is no secret women retire with less than half the savings garnered by men during retirement. 

The government is also actively looking to not increase the proposed superannuation guarantee from 9.5 per cent to 10 per cent in July.