The government has introduced a bill to legislate the objective of superannuation to parliament on Thursday.
The Superannuation (Objective) Bill 2023 defines the objective of super as “to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way”, according to a joint media release from Minister for Financial Services Stephen Jones and Treasurer Jim Chalmers.
It will become the benchmark to evaluate future proposed changes to super legislation against, with the purpose of making policymakers “more accountable” and protecting Australians’ retirement savings.
The Albanese government announced plans for the legislation earlier this year.