Anglicare Australia has offered the following response to the Superannuation (Objective) Bill 2016.
Anglicare Australia welcomes the Government’s commitment to legislate the objective of superannuation. A clear objective that requires any new policies to be compatible with its purpose will help to guide future reform.
The lack of a formal objective has allowed superannuation to be used as a vehicle for various objectives, including tax avoidance, wealth accumulation and estate planning. It is important, then, for the objective to be considered in the context of creating a sustainable and fair retirement income system that will support people for decades to come. This will strengthen the likelihood that any changes to superannuation will support a holistic, well-functioning and balanced retirement income system that provides adequate retirement incomes for all.