16 November 2023
Superannuation Objective Bill to secure and enhance retirement outcomes for all Australians
The Association of Superannuation Funds of Australia (ASFA) welcomes the introduction of the Government’s Superannuation (Objective) Bill 2023 into Parliament. ASFA has long championed the benefits of formalising an objective of superannuation in legislation. The measure now arrives at an important point in the development of Australia’s retirement income system.
“The Objective puts preservation, retirement income, equity, sustainability and a dignified retirement at the heart of superannuation policy while recognising the ongoing role of the age pension,” said ASFA Interim CEO, Leeanne Turner.
“It offers a retirement aspiration which is fit for purpose, paving the way for a future where all Australians can approach retirement with confidence.
“As drafted in this Bill, the Objective will underpin policy stability and help anchor future policy debates in ensuring our Age Pension remains affordable, that superannuation savings are preserved to retirement, and that the system delivers in an equitable manner for women and low-income earners.
Importantly, the legislation acknowledges the role group insurance through super can play in delivering valuable protection to the community and supporting a dignified retirement, as well as the overall contribution insurance makes to the sustainability of the system.
“ASFA supports the formalisation of an objective for superannuation that holds stakeholders across the system accountable for the long-term retirement outcomes of Australians and which encourages stability in the policy settings and the security of members’ benefits.
“With the Superannuation Guarantee nearing maturity, the objective can now secure the role of superannuation as a strong foundation of our retirement income system and a critical contributor to delivering good retirement outcomes for Australians,” she concluded.
For further information, please contact:
ASFA Media team: 0451 949 300
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.