ISA is pleased to have lodged its submission to the Federal Government’s consultation on a proposed objective of super.
The superannuation guarantee was introduced over 30 years ago, and since then, changes to the system have been made without formal agreement about what the system is trying to achieve for Australian workers. At times, this has led to policies that have delivered poor retirement outcomes for workers.
ISA strongly supports the Government’s proposed wording of the objective. However, to ensure the objective achieves its purpose of improving retirement outcomes, the Government should:
- Clearly describe each of the objective’s four concepts in the explanatory materials accompanying the legislation;
- Include additional accountability measures; and
- Require an explanation of how future superannuation changes would be compatible with the objective
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.