The government is consulting on the Superannuation (Objective) Bill 2023 and Superannuation (Objective) (Consequential and Transitional Provisions) Bill 2023.
The draft legislation and explanatory materials reflect the feedback received from stakeholders on the need to legislate the objective of superannuation to provide a shared direction for government, the superannuation industry and Australians.
The proposed objective of superannuation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’
The objective does not alter superannuation trustee’s existing obligations or how members money can be invested or accessed but it does serve as a reminder to them of their role in the super system, including to support members holistically during their working life, and their transition to retirement.
The draft legislation ensures that future changes to the superannuation system are compatible with its objective by requiring policy‑makers to assess proposed changes to super legislation for compatibility with the objective.
The government is seeking stakeholder feedback on the draft material including legislation, consequential and transitional provisions and explanatory materials.
You can submit responses to this consultation up until 29 September 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:
Superannuation Insurance and Governance Unit
Retirement, Advice and Investment Division
Parkes ACT 2600