While we fully support consistency in future policy making around superannuation, we do not support legislating the objective of superannuation. Our reasons for reaching this conclusion remain the same as our earlier submission made to Treasury on 28 March 2023 but with additional concerns now present. In brief, our view is that legislating the objective will not achieve any real purpose as it would not in any way be binding on current or future policy makers / governments and indeed could be completely ignored. We believe the answer to what the objective of superannuation is for already exists by way of the sole purpose test. We also have issues with the terms ‘equitable and sustainable’ as they could be a flag post for future changes to the superannuation system.
Our association has also collaborated with Chartered Accountants Australia and New Zealand (CA ANZ) and the Institute of Public Accountants (IPA) on a joint submission on the objective of superannuation, which can be read alongside our own submission.
Read our full submission and media release. The joint submission can also be read here.