Objective of super tabled in Parliament
The government has tabled its objective of super bill in Parliament.
In a statement on Thursday, the Minister for Financial Services Stephen Jones confirmed that the government has officially introduced to Parliament the Superannuation (Objective) Bill 2023, which defines the objective of super as “to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way”.
“An agreed objective of super will serve as a guide for future governments, regulators, industry, and the wider community, instilling greater confidence in the system,” the minister said.
“The last decade saw the former government raid the superannuation system for its own purposes with a devastating impact on the savings of millions of Australians. Legislating an objective of super will help prevent this happening again.”
According to Mr Jones, the objective will also help ensure super delivers on its foundational promise of providing a dignified retirement for more Australians.
“In the future, any proposed changes to super legislation will be judged against the objective. This will make policymakers more accountable when considering changes that affect Australians’ retirement savings,” the minister said.
He stressed that the objective “will not alter superannuation trustees’ existing obligations or provisions around the early access to super on compassionate grounds”.
“Superannuation is a significant source of capital, contributes to the strength of our financial markets, and there are opportunities to leverage superannuation investment in areas of national economic priority where it aligns with the best financial interests of members,” the minister said.
“Having a clear, legislated objective of super will help ensure these broader benefits can be maximised”.
More to come.
