Tuesday, 05 April 2016 12:11

Submission on the Australian Government's 'Objective of Superannuation' Discussion Paper

The principal purpose of the proposed legislative process is to provide a measure against which to assess policy and legislative settings that impact on an individuals’ superannuation investments, either during the accumulation or retirement phase.


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.

Additional Info

  • Submitted to: The Australian Government
  • Regarding: 'Objective of Superannuation' Discussion Paper
  • Date Submitted: Tuesday, 05 April 2016
  • Contact Name: Lin Hatfield Dodds
  • Contact Phone: (02) 6249 6717
  • Policy area(s): Superannuation