HESTA celebrates critical passage of LISTO legislation

Statement attributable to HESTA CEO Debby Blakey: 

"HESTA welcomes the passage of the Division 296 Super Bill as a significant step toward a fairer superannuation system for all Australians.

"We are particularly excited to see the benefits of the Low-Income Superannuation Tax Offset (LISTO) – a reform HESTA has championed for several years. It represents a clear win for more than a million Australians who have been impacted by an inequality in the system, particularly women working in the lower-paid caring professions that are the backbone of our communities.

"The LISTO is effectively the only tax break more likely to benefit women than men. Today, we celebrate the recognition that this policy must work as it was always intended – for the long-term benefit of those who need it most.

"This includes the critical decision to permanently link the payment to personal income tax thresholds. The commonsense reform should ensure no Australian will pay more tax on their super than on their take-home pay.

"Around 70,000 HESTA members will directly benefit, having previously missed out on millions in super contribution ‘refunds’ under the old policy settings. For many, this change could have a transformative impact with the potential for tens of thousands of dollars more at retirement.

"The passage of this Bill, alongside major reforms such as super on Paid Parental Leave, the increase in the super guarantee to 12%, and the '3 Day Guarantee' child care subsidy, represents a defining shift in how Australia supports women's financial futures. Together, the changes can deliver meaningful progress in closing the persistent gender super gap."

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