Research conducted by the peak body has found that on average, women retire with around 23 per cent less superannuation than men.

Economic modelling by ASFA suggested that “a large portion of the inequity that arises when having a baby could be reduced for a woman earning $80,000 and eliminated for a woman earning $60,000 or less by introducing two simple measures; the first being Superannuation Guarantee on paid parental leave, and the second being a Super Baby Bonus of $5,000 for each child a woman gives birth to or adopts”.

ASFA senior policy adviser Helena Gibson said it is time to introduce new initiatives that will help reduce the super balance gap.

“There is strong support among Australians for policy action,” Ms Gibson said.

“Results of a recent ASFA survey show that more than 80 per cent of people agree that government should try to boost the super balances of women who take time out of the workforce to have children.

“This means the 300,000 women in Australia that give birth each year will no longer be 'behind the eight ball' with their superannuation because they have chosen to have a baby and take a year out of the workforce.”