The Super-Gap

Project Info

Team Members


Kushal , RJ , Amit , Swati

Project Description


The projects tell us how withdrawing super can impact our retirement and how many more years you have to work if you want to re-earn the super amount you withdrew. This will provide stats to the government to target financial stimulus based on the broad industry sector so that no one is left disadvantaged.

Once you select the broad industry sector you are working the following stats are displayed :

1) Average Super contributed per annum per person for the selected sector

2) Total jobs lost in the selected broad industry (based on % job loss in each sector from AFR).

3) How much super will be lost in total over time if $20k is withdrawn. (considering the time value of money and interest lost).

4) The average time the person would have to work more to regain the lost super

5) Average super contribution in the industry by gender

6) Impact on the existing Super Gender Gap. How many years would women have to work more compared to men to regain the lost super in any specific industry.


Data Story


We have used the following ATO tax statistics for 2017/2018 to calculate superannuation by each industry & gender and calculate the impact of early withdrawal on the number of years required to gain the super back.

1)Individuals table 5 : Income tax stats by sex, state/territory and broad industry, 2017–18 income year

2)Individuals table 9 : Income tax stats by business industry code, 2017–18 income year

3)Individuals table 15 : Average and median taxable income, salary or wages, and total income, by occupation and sex, 2017–18 income year

4)Individuals table 17 : Income tax stats by entity size and broad industry, 2017–18 income year

We have also used publicly available information on following websites that is derived from Conexus Institute, Actuaries Institute and Super Consumers statistics.

afr.com/politics/federal/not-all-sector-job-losses-are-equal-20200710-p55ay4

https://www.nestegg.com.au/retirement/superannuation/what-is-the-impact-of-withdrawing-your-super-early


Evidence of Work

Video

Homepage

High-Res Image

Team DataSets

AFR

Description of Use Impact of Covid-19 on job losses in different sectors

Data Set

Web Article

Description of Use Average reduction in super balance based on withdrawal of $20000 from Super now.

Data Set

Taxation Statistics 2017-18

Data Set

Challenges

Industry assistance during COVID-19

How can we help identify and assist people in industries most affected by COVID-19?

Go to Challenge | 15 teams have entered this challenge.

Withdrawing super during COVID-19

How do people understand and prepare for their long term financial needs after withdrawing their superannuation during COVID-19?

Go to Challenge | 10 teams have entered this challenge.

Community growth and recovery

Local economies, particularly the hospitality and tourism sectors, have been hit hard this year with the bushfires and the effects of COVID-19. These challenges have a far reaching impact on our local communities. How might we help communities recover by encouraging people to engage safely with local businesses?

Go to Challenge | 14 teams have entered this challenge.