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.
153 submissions were received for this consultation, including 8 confidential submissions.