The objective of superannuation is a foundational issue, and the government recognises that there are a broad range of views on how this should be framed.
This consultation paper provides context about the history of Australia’s superannuation system, the rationale for enshrining the objective of superannuation in law and provides some options on potential framing. It also sets out how a legislated objective could improve accountability and transparency in policy development.
Legislating an objective of superannuation will provide stability and confidence to policy makers, regulators, industry, and the community, that changes to superannuation policy will be aligned with the purpose of the superannuation system. It will also ensure members and funds have a shared understanding of the purpose of superannuation throughout both the accumulation and retirement phases.
The government is seeking stakeholder feedback on the framing of the draft objective of superannuation, including the benefits of the objective and its practical application. Specific consultation questions are outlined at the end of the paper.
You can submit responses to this consultation up until 31 March 2023. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Member Outcomes and Governance Branch
Retirement, Advice and Investment Division
PARKES ACT 2600