Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

Can I start by thanking all of the members who have contributed to this debate. It has been a good one. The Superannuation (Objective) Bill 2023 defines the objective of superannuation in law, saying it is 'to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way'. This clear, simple objective will guide future governments, regulators, the industry and community and instil confidence in the superannuation system.

Australia has got a world-class superannuation system. It's envied the world over. Whenever people come to Australia, one of the first things they want to ask us about is how we got the system and how they can copy it. But there are some issues, and, for the last decade, super policy has been confused, chaotic and costly to members. The worst of this chaos saw the coalition, when in government, raiding the super system for their own purposes, which saw around $36 billion in savings drained from super—savings meant to last a lifetime. Legislating an objective of super will make sure that that kind of short-sightedness never happens again and that there will be some discipline in the way this parliament debates future propositions of that sort, ensuring the aim and the focus of super is in the best interests of members, not those interested in having an ideological battle.

The objective will help guarantee super delivers on its fundamental promise of providing a dignified retirement for more Australians and secure its future by embedding its purpose in law. It will enshrine the core goal of supporting delivery of retirement incomes in law, ensuring that any future superannuation changes support and not supplant this objective. Once past, should any minister propose changes to super, they'll be required to produce a statement to parliament explaining how any changes are compatible with super's purpose, where policymakers will be held to account when considering changes that affect Australians' retirement savings. That, after all, is what it's all about.

The objective does not alter existing trustee obligations. Funds will still be required to act in the best financial interests of their members, and the legislation does not change the option for early access to super on compassionate grounds, as many speakers have already commented on, so I won't go back over that ground. With more Australians approaching retirement age than at any time in our history, delivering better retirement incomes has never been more important. This bill is an important next step towards a stronger super system for a stronger economy, and it has been met with strong industry support.

I listened carefully to the debate within the House, and we can separate out the noise from the way people propose to vote on this. I think it bodes well for the early passage of this bill through both houses, and I welcome that. There'll be other times over the next 12 months where we can debate issues such as super for housing—a proposition that I think is ill-conceived, but there will be other times and other debates where this matter can be heard out. We need to have a unified objective for super, and this proposed legislation achieves that.

Having a legislative objective of super will help ensure its broader definitions across investment in national economic priorities and strengthening in our financial markets can be maximised. Legislating an objective of super will provide stability and confidence so that any changes to policy will be aligned with the purpose of the superannuation system.

You can expect those on this side of the House to be particularly passionate about these issues. We did, in prior governments, build the superannuation system, or protect it, to make sure that it continued to deliver dignity in retirement for generations of Australians to come—something it is already doing and something I hope all members in this House support.

With those comments, I again thank all members who have contributed to this debate and commend the bill to the House.

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