Unemployment hits record low, but less people looking for work
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The Minister for Small Business and Assistant Treasurer Kelly O'Dwyer today released a discussion paper for public consultation to kick-start the government's super consultation process.
The paper, entitled The objective of superannuation, comes as the government committed to enshrine the objective of superannuation in law as part of its response to the Financial System Inquiry.
Enshrining the objective of the superannuation system in legislation will provide a guide to policy makers, regulators, industry and the community about superannuation's fundamental purpose.
"Having an agreed objective for superannuation is critical to securing trust and integrity. It is also a means for increasing confidence in the superannuation system as a whole," minister O’Dwyer said.
"We want to have a conversation about the precise wording of the objective – to help frame the broader conversation we need to have about superannuation."
Stakeholders have been invited to comment on the discussion paper by lodging an online submission, with submissions set to close on 6 April.