CA ANZ, the Institute of Financial Professionals Australia and the Institute of Public Accountants welcome the opportunity to respond to the Legislating the objective of superannuation consultation (OoS Consultation) presently underway at Treasury.

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

We have reached this conclusion because we believe the superannuation legislation already contains an excellent legislated purpose. We do not think legislating an objective for the superannuation system in isolation will assist anyone including the government. We have concluded that it would be better for the government to create an objective for the whole retirement system.