Women and wealth

To understand the real numbers, consider the ATO's latest data on super balances released 14 June. The chart does indeed show a significant gap at the point of retirement, but that's misleading. Much more important is how much you have when you are actually retired and need the money. As the ATO data shows, from age 65 on, when it matters, the "gap" all but disappears.

Here's what I wrote four years ago, commenting in another boondoggle from Australia Institute claiming Australia's tax concession system is stacked against women:

As women grow older the gender gap in super miraculously evens out, with men and women ending up pretty much level. This means that one way or another, older women end up with more of the men's loot.

It's highly unlikely that these older women are suddenly earning much more to account for their increase in super balances. Most of them must be losing their partners and ending up on their own. Many of these women outlive their men – the current gap in life expectancy is about five years and with most women partnering slightly older men, they enjoy the financial benefits for long after his passing. As named beneficiaries for the man's super what was his is now hers.

It's all been happening for many decades and our media, our professional commentators are assiduously choosing not to notice. And now they are busily ignoring this amazing news about the fortunes of women because it challenges the party line.

Perhaps one day soon we will be treated to an ABC update on Deborah. I like to picture her blasting down the highway in her super-fuelled campervan singing along with Dire Straits – Money for Nothing.