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Objective of superannuation



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CHRIS BOWEN MP SHADOW TREASURER MEMBER FOR MCMAHON

JIM CHALMERS MP

SHADOW MINISTER FOR FINANCIAL SERVICES AND SUPERANNUATION SHADOW MINISTER FOR SPORT SHADOW ASSISTANT MINISTER FOR TRADE, INVESTMENT

AND PRODUCTIVITY MEMBER FOR RANKIN

OBJECTIVE OF SUPERANNUATION

Labor welcomes the announcement today of a consultation process for an objective of superannuation to be defined and enshrined in law.

We have called for an agreement on superannuation’s objective for almost a year, and welcomed the Financial System Inquiry’s recommendation to that effect.

The Shadow Treasurer gave an opening suggestion in a speech to the Centre for International Finance and Regulation last May:

“Our superannuation system should ensure that as many Australians as possible have access to the resources for a dignified retirement without recourse to the full age pension.”

We call on the Government to attempt to reach a bipartisan agreement on the objectives of superannuation.

Enshrining a simple objective for superannuation in law would provide a benchmark with which we can measure the impact of other policy changes.

Australia’s superannuation system is the envy of the world, and an agreement on the objective of superannuation could help provide a path forward for the continued strengthening of super in the decades ahead.

WEDNESDAY, 9 MARCH 2016

MEDIA CONTACT: JAMES CULLEN 0409 719 879 MITCHELL WATT 0427 532 705