Friday, 23 December 2016

Senate Economics: Objective of Superannuation

This Bill, presently in front of Parliament, seeks to enshrine the objective of superannuation. AIST believes that not including the provision of a comfortable retirement income in the proposed objective is a fundamental defect in the Bill. The lack of support for the proposed definition, its lack of binding force, the absence of measurement tools, the lack of recognition of superannuation in increasing national savings and of the need to address the gender gap are also serious issues that must be addressed. An alternate definition is proposed, as is parliamentary review of statements of compatibility, and an approach to measurement.

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