Superannuation (Objective) Bill 2023

The ACTU and affiliates were instrumental to the creation of the Accord which introduced universal and compulsory superannuation through the legislation of the Superannuation Guarantee (SG) by the Keating Labor Government. [...] Government support The ACTU welcomes the inclusion of government support in the objective and agrees with the statement in the Explanatory Materials that “The inclusion of Government support in the objective reflects the crucial link between superannuation policy and government support. [...] In particular, award superannuation has fostered the spread of superannuation to large areas of the work force which previously had no cover.”1 To reflect this foundational objective of universality, the ACTU proposes the addition of the words “for all workers” to the objective, to enable it to read: 1 Dawkins, John, 2 April 1992, Superannuation Guarantee (Administration) Bill 1992 second reading. [...] To reflect the additional foundational objective of universality, unions propose that the objective be amended to read: “The objective of superannuation is to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way for all workers.” The ACTU commends the introduction of a mandatory statement of compatibility with the objectiv. [...] To support the objective of superannuation, a tripartite Council of Superannuation Custodians should be established to assess statements of compatibility, policies and the performance of the retirement incomes system, against the objective.