The true purpose of superannuation has been safeguarded, following the passage of the Superannuation (Objective) Bill 2023 through the Senate yesterday.
The move protects workers’ retirements by confirming superannuation is a workplace right, preserved until retirement, which should provide dignity to all retired workers.
Legislating the objective means the current federal government, and future governments, must demonstrate how they are safeguarding and advancing retirement incomes in accordance with the core pillars of super.
The Australian Council of Trade Unions (ACTU) welcomed the passage of Bill.
“Workers fought for, and built, our world class superannuation system and all workers deserve a dignified life after work,” ACTU Assistant Secretary Joseph Mitchell said.
“The Objective of Superannuation will help to safeguard the retirements of Australians for generations to come.
“Workers know super is a key workplace right and is for your retirement, the legislated objective of super confirms and solidifies the Australian community’s understanding that super should be preserved, equitable and sustainable.
“The objective of super makes it clear that superannuation should not be undermined by destructive short-term policies like the Coalition’s policy of raiding super for house deposits – which would lead to more expensive homes and poorer retirements.
“Australia’s retirement income system, through compulsory universal superannuation, is the envy of the world and these reforms will help to ensure that workers’ retirement funds are protected.”
Read more superannuation news here.
