The Albanese Labor Government has today passed the Superannuation Objective Bill 2023 to strengthen Australia's retirement income system.
For the very first time we now have a legislated objective for superannuation that gives the industry, future governments and Australian retirees confidence in the system.
The law will now define the objective of super as 'to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way'.
Any future changes to super legislation must be judged against this objective - making policymakers more accountable when considering changes that affect Australians' retirement savings.
The Albanese Government is committed to protecting and strengthening the super system so that it delivers a dignified retirement to more Australians and helps build a stronger and more resilient economy.
This is one of the 11 Treasury bills that passed the Senate this week that show we can maintain a primary focus on inflation and the cost of living while we keep the reform wheels turning.
