The Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP, today released a discussion paper entitled 'The objective of superannuation' for public consultation to kick-start the process for meeting the Government's commitment to enshrine the objective of superannuation in law.
The Government agreed as part its response to the Financial System Inquiry to develop and introduce legislation to enshrine the objective of the superannuation system.
Enshrining the objective of the superannuation system in legislation will provide a guide to policy makers, regulators, industry and the community about superannuation's fundamental purpose.
"Having an agreed objective for superannuation is critical to securing trust and integrity. It is also a means for increasing confidence in the superannuation system as a whole," Minister O’Dwyer said.
"We want to have a conversation about the precise wording of the objective – to help frame the broader conversation we need to have about superannuation."
Stakeholders are invited to comment on the discussion paper by lodging a submission online. Submissions will close on 6 April 2016.