Submission – Legislating the objective of superannuation (Exposure draft legislation)

Australia’s superannuation system is one of our country’s greatest success stories. It has materially improved the lives of millions of working Australians, ensuring dignity and security in retirement while also contributing to broader national economic growth.

Yet despite being established more than thirty years ago, there is still no formal agreement or legislation setting out what the system is trying to achieve for working Australians.

While the Government, regulators and sector have a strong history of working together to ensure any change is in members’ best interests, this lack of a legislated purpose has meant some changes have been made without proper consideration given to the impact on members, nor to the alignment with the original high-level aspirations of the super system.