Steve Georganas (Adelaide, Australian Labor Party) Share this | Hansard source

I will continue where I left off just before we had our 90-second statements. I was talking about the certainty that we require in superannuation. What this bill does is ensure that there is an agreed objective for superannuation, so different administrations, different governments and regulators that come in keep that scope in mind every time there is a change to superannuation.

As I said earlier, many people depend on superannuation for their retirement. Many people rely on their super, after years and years of hard work, to have some income after they retire. The significance of this bill extends right across Australia to all workers. But the bill does many other things as well. It ensures that we keep a tab on superannuation in terms of the direction it's going and whether it's fulfilling its purpose. We want to ensure that there are no adverse results and consequences for the savings of numerous Australians—millions of Australians, when you think about it—across the nation.

The objective outlined in the bill seeks to militate against such occurrences—occurrences that diminish super in terms of different legislation that may be brought into this place. We want to ensure that the superannuation system fulfils its commitment of delivering a secure retirement for every Australian. Any forthcoming modifications or propositions concerning superannuation legislation must be scrutinised against this objective—again, that is focusing on what we want as an outcome for superannuation—as it should be. This scrutiny will ensure accountability among policymakers in their deliberations on matters impacting the retirement savings of the millions of Australians who contribute towards super.

This objective does not supersede any existing obligations that are incumbent upon superannuation trustees. That doesn't change one little bit. Nor does it alter the provisions allowing early access to super on compassionate grounds. Many people come into our offices—I suspect I'm not the only one—who are in dire straits and need some form of assistance through their super. But those are rare occasions, and it's always on compassionate grounds in terms of being in a completely dire state with your finances. This bill will solidify the overarching principles guiding our superannuation system. It will have a clearly defined objective which will facilitate the maximisation of these broader benefits for the collective interests of the members. Labor's foundational efforts have resulted in our current $3.5 trillion superannuation system, positioning it as the fourth largest globally, the fourth largest in the world.

The commitment of this Albanese Labor government remains unwavering in safeguarding and strengthening the system, as Labor governments have always done from the inception of superannuation in the mid-nineties right through to today. That is a core foundation of the Labor Party. Its purpose was to build retirement funds for people who were retiring, and that will remain its purpose under this government. We need to ensure a secure retirement for more Australians while reinforcing our nation's economic resilience. The Superannuation (Objective) Bill 2023 represents that crucial step towards constructing a transparent and resilient superannuation system, one that serves the best interests of all Australians within the confines of the law, keeping that focus on what the purpose of superannuation is and ensuring that we do everything we can to enhance superannuation. It was at the core of the Labor Party in the mid-nineties to ensure that people could retire with some dignity and with some funds that could perhaps supplement, and in many cases completely take over from, the old age pension.

It's a very important piece of legislation, and we have proven on this side that we're always strengthening superannuation laws. We know the purpose of superannuation and what its goals are. On the other side, the opposition, while they were in government, have continuously tried to diminish superannuation and use it for a whole range of other purposes. The sole purpose of superannuation is to have funds for your retirement when you are not working and you are not earning an income, and to have those funds there to enable you to live the rest of your life in some form of dignity and not wanting handouts.

Of course, that is not the case for everyone. Some people will be supplementing superannuation with the old age pension. Others may not, depending on how much they have put aside over the years while they have been working, but it is a great system. It is one of the best systems in the world. And I know—I've been following it since the nineties—where we are with superannuation. We're now seeing more and more people relying on the funds that they have, more so than the age pension, and that can only be a good thing, because when you retire the bills do not stop coming in. You still need to put food on the table, you still need to pay bills, you still need to put petrol in the car, and you still need to have a form of income; this is what super does. I commend the bill. I support it, and I hope the other side will be supporting it as well.

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