Anne Stanley (Werriwa, Australian Labor Party) Share this | Hansard source

Today I rise to discuss the Albanese government's Superannuation (Objective) Bill 2023. I live and serve a diverse seat. Werriwa is home to families that are working towards growing their super as they reach retirement. I also serve those who require the age pension and every day see the importance of a welfare system that has been brought into place and honed by successive Labor governments. The diversity in my area means that having certainty in retirement is vital to my constituents, a certainty that comes from this bill. Despite being a pillar of the Australian retirement system, superannuation has no defined objective. This has led to confusion over how to shape policies that will provide ongoing stability and confidence to Australia's world class superannuation system. The Albanese Labor government seeks to define superannuation's objective as being:

… to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way …

The government has worked with the superannuation industry in Australia to ensure all stakeholders are happy. This resulted in over 190 submissions, with strong support from the superannuation industry for the government's bill and the proposed objective. In 2016, the now opposition attempted to legislate an objective for Australia's superannuation system. The previous government's attempts failed, as they didn't consult with the superannuation industry widely enough, only giving nine days to canvass what is a broad and very complex issue. The previous government's attempt at defining super was purely pecuniary and sought to define superannuation as goals to provide income in retirement to substitute or supplement an age pension.

The Albanese Labor government recognises that viewing the Australian super industry purely as a financial objective doesn't recognise that all Australians deserve dignity in retirement. The government instead wants to ensure that the objective is to allow for a dignified retirement for all Australians and to ensure that the superannuation system is equitable and sustainable while achieving this. Future changes to super will also have to ensure that they deliver on these objectives. This will require a statement of compatibility, ensuring that all changes to super going forward deliver to Australians the dignified retirement that they have earned and that the changes are sustainable and equitable. The bill does not change the core obligations for trustees under superannuation law, and ultimately superannuation firms will still have to provide the best financial advice and services to the customer, as is required now. The bill ensures future governments will need to work to make sure that the superannuation system stays fair, sustainable and equitable and is a tool to ensure the dignity of all Australians, not the wealth of some.

The Albanese government is dedicated to ensuring that all Australians retire with dignity and to making sure that our welfare systems are up for the task. The government has worked with the superannuation industry and will make sure that our plan will benefit everyone. Almost all Australians have a super account, and making sure that their account and the super industry works for them is vital to the nation's prosperity. I commend the bill to the House.

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