Legislating the objective of superannuation - August 2023

This consultation process has now been completed. Submissions available
Consultation Type
Exposure Draft Legislation

Key Documents

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.


42 submissions were received for this consultation, including 2 confidential submissions.

Actuaries Institute - pdf 103.87 KB
Asher, Anthony - pdf 1022.39 KB
AustralianSuper - pdf 266.73 KB
Aware Super - pdf 185.32 KB
Challenger - pdf 534.42 KB
Chemay, Harry - pdf 1.55 MB
HESTA - pdf 76.85 KB
KPMG - pdf 153.24 KB
Law Council of Australia - pdf 137.66 KB
Mercer - pdf 32.98 KB
MLC Life Insurance - pdf 228.41 KB
Sam - pdf 618.2 KB
Schmidt, Robert - pdf 465.34 KB
Simpson, Cam - pdf 445.04 KB
Smith, Ross - pdf 551.45 KB
SMSF Association - pdf 203.53 KB
TAL Life Limited - pdf 569.93 KB
The Conexus Institute - pdf 203.17 KB
UniSuper - pdf 466.13 KB
Women in Super - pdf 412.06 KB
Zabar, Joe - pdf 102.32 KB