House debates

Wednesday, 28 February 2024


Superannuation (Objective) Bill 2023; Second Reading

6:54 pm

Photo of Carina GarlandCarina Garland (Chisholm, Australian Labor Party) Share this | Hansard source

I really do wish that those opposite took more seriously the gift of government they had for a decade and the contributions that they made to the situation we find ourselves in now instead of laughing in the chamber.

On this side of the House, we are not afraid to make the right decisions and ensure that the marginalised in our community are able to enjoy a dignified retirement. We have not just a short-term vision; we have a medium- and long-term vision. That is what superannuation represents. With this bill we are protecting the objective of superannuation. It was, after all, a Labor government that introduced the superannuation guarantee and it is only a Labor government that will ever care enough about it to protect it.

That's why establishing the Superannuation (Objective) Bill at this time is so important. We know that this will be a defining decade for our nation. This demands defining the role of superannuation to protect the gains that have been made and to pursue its greater potential in the interests of all Australian. The objective will help ensure superannuation delivers on its foundational promise of providing a dignified retirement for more Australians. In the future, any proposed changes to superannuation legislation will be judged against the objective. This will make policymakers more accountable when considering changes that affect Australians' retirement savings. This objective will not alter superannuation trustees' existing obligations or provisions around the early access to superannuation on compassionate grounds.

Superannuation is a significant source of capital. It contributes to the strength of our financial market, and there are opportunities to leverage superannuation investment in areas of national economic policy and priority where it aligns best with the financial interests of members. Having this clear, legislated objective of superannuation will help ensure these broader benefits can be maximised.

Our government is committed to protecting and strengthening the superannuation system that all Australians should be proud of, to ensuring that we continue to deliver a dignified retirement to more Australians and to helping to build a stronger and more resilient economy.


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