Under the $1.5 billion scheme, which is included in the Association of Superannuation Funds Australia pre-Budget submission, the funds would be directly paid into a woman’s fund after the birth or adoption of a child and would help make up for the 23 per cent gap in retirement balances between men and women.

A baby bonus was introduced in Australia by the Howard Government in 2002 as a way of boosting the population and cover the cost of having children.

The gap means a woman receiving the median wage would have about $100,000 less in retirement.

ASFA said that in today’s dollars, each $5000 payment on behalf of a 30-year-old would lead to a super balance at age 67 that would be $11,000 higher, for someone on a $60,000 wage who had two children.

ASFA chief executive Dr Martin Fahy said it would be the equivalent to the amount that a person would receive from Super Guarantee contributions on a $60,000 wage for one year.

However, there would also be concerns about the women who had moved beyond child-bearing age and those who could not or did not want to have children who would miss out on the payment.

That would be partly overcome by ASFA’s scheme for the Government to provide top-up payments into super funds for those on low incomes

ASFA has also included in its submissions a plan to limit superannuation tax concessions that flow to those on high incomes or with very high superannuation balances in order to improve equity and to assist in the financing of additional assistance for low-income earners and for those with relatively low superannuation balances.

It has also suggested a system similar to the Medicare levy be used for self-employed, or gig economy workers, and a system to top up the balances held by low income workers.

A surcharge amount would be payable unless a minimum amount of taxable income was contributed to superannuation for the specific assessment period.