Advocates for thousands of unpaid carers in Australia are calling on the Federal Government to add superannuation to the fortnightly Carers Payment.
The call comes after Finance Minister Katy Gallagher confirmed government plans to introduce legislation ensuring super on government-funded paid parental leave.
Carers Australia said unpaid carers must be supported to achieve greater economic wellbeing just like parents.
According to Carers Australia a primary carer loses on average $175,000 in superannuation and $392,500 in lifetime earnings, to the age of 67. Some who are carers for extended periods of time will lose substantially more, with the most affected 10 per cent losing at least $940,000 in lifetime income, and $444,500 in retirement savings.
At September 2023, there were 304,480 Australians in receipt of the Carer Payment, and the average length of time receiving it was 11.5 years. There are approximately 2.65 million unpaid carers in Australia.
In a statement Carers Australia said providing unpaid care can impact an individual's employment outcomes, and over time affect their superannuation and retirement savings.
Paying superannuation on the Carer Payment would not only contribute to a carer's financial security in retirement but also reduce the demand for future government expenditure on the Age Pension, it said.
"If these changes were implemented by the current Government, we would begin to see real-life benefits for a community in Australia providing at least $80 billion worth of care services for free to those who need it most," said Lucy Tatchell, Carers Australia acting chief executive.
"Economically, people who provide unpaid care are likely to earn less than those who do not. It is time we did more for the cohort of carers who have had to give up employment opportunities to provide care and reduce their superannuation deficit."