While superannuation coverage for First Nations Australians has been improved in the past year, more work needs to be done to bring it up to the overall national standards, according to research by ASFA and First Nations Foundation.
Coverage levels and balances for both First Nations men and women are up since 2014, when the coverage rate for First Nations men was 66 per cent and for women it was 56.9 per cent.
Median balances were also up from 2014, with the median balance for men increasing from $13,000 to $27,000 and from $15,000 to $20,000 for women.
However, coverage levels for male First Nations individuals fell between 2018 and 2022. This is likely to have been the result of the Covid-19 pandemic early release of super payments emptying low balance accounts.
The research concluded general economic barriers to First Nations superannuation equity and inclusion remain, including lower rates of paid employment for First Nations people, lower average length of participation in the labour force, and lower average life expectancy (and therefore less incentive for voluntary super contributions).