If passed, parents will receive 12 per cent superannuation on their publicly funded paid parental leave for babies born or adopted from 1 July 2025.

TelstraSuper CEO Chris Davies welcomed the announcement and said that this is an important step forward for the economic inclusion of carers.

"Parents should not have their retirement savings penalised for caring for young children," said Mr Davies. "This is an important step forward in recognising the value of carers and the strong contribution they make to our economy."

At age 60, the median super balance for TelstraSuper male members is around $450,000 – almost double that of female members of the same age, who have a median super balance of $249,000.

While TelstraSuper female members have, on average, higher super balances than members of many other funds, there is no getting around the fact that they are significantly worse off at retirement than their male counterparts.

"It’s in everybody’s interest to close the savings gap because all of society will benefit if women are more financially secure in retirement," said Mr Davies. "We look forward to seeing the impact that this important equity measure will have for generations of carers going forward."

There are a number of factors that contribute to the super gender gap, including time away from the workforce to care for others, periods of part-time work, and the gender pay gap.

"Some super funds – such as TelstraSuper – offer general advice over the phone to help you understand the impacts of these factors on your super and how you could potentially reduce them," said Mr Davies. "Simple measures such as consolidating super accounts could make a big difference to your super balance at retirement without costing you money now."

Want to check your super is in top shape?

TelstraSuper members can access  super health checks over the phone at no additional cost – it’s part of TelstraSuper membership. Contact 1300 033 166 to book an appointment or visit telstrasuper.com.au for more information.