UnitingCare makes the following recommendations:
1. amendment of the Australian Securities and Investments Commission Act 2001 to insert a statement of the objective of superannuation, and to create a monitoring and reporting function relating to the objective;
2. that ASIC undertake a stocktake of regulatory/administrative decisions to which the objective is relevant;
3. that the amendment reflects that the primary objective of superannuation is ‘to provide income in retirement to sustain an adequate standard of living for individuals and their dependents’;
4. that if the government wishes to include a ‘subsidiary objective’ supporting the primary objective, that the text proposed in Table 2 above be considered as a model;
5. that ASIC’s role include education to improve the financial literacy of Australians around the purpose of, and choices involved in, superannuation; and
6. that the Australian Government consider developing a ‘financial inclusion’ policy, commencing with a financial literacy program to increase the capacity of low income Australians to manage their incomes and provide for their financial needs over time.