We have examined the OoS ED Consultation proposals in detail and, on balance, do not support the government’s proposed objective or the need to legislate it.

Our reasons for reaching this conclusion are very similar to our concerns outlined in our March 2023 joint response to Treasury’s request for comments on its consultation paper about this subject.

It is our assessment that most of the changes made to the superannuation system over the last two decades could be justified under the currently proposed Objective of Superannuation wording.

In our previous March 2023 submission, we said that in our view the superannuation legislation already contains an excellent legislated purpose and we did not think legislating an objective for the superannuation system in isolation will assist anyone including the government. We remain firmly of
this view.

We again suggest that the government should create an objective for the whole retirement system.