New Parliament Seeks to Bolster Australia’s Super System
The Super Members Council congratulates the Albanese Government on its re-election and looks forward to working with it and all members of the new Parliament over the next three years to strengthen the retirements of millions of everyday Australians.
This includes making further big strides to enhance Australia’s world-class super system, secure its foundations, and enhance its equity and effectiveness.
Like Medicare, Australians rightly view super as part of the Australian social compact and key to their financial security. The result is a rejection of policies that would undermine Australians super such as withdrawing super for house deposits and opting out of super. Such policies should be permanently abandoned.
Super gives everyday Australians more confidence about their financial futures and there is further work to do to make super even stronger for younger Australians and low-income workers.
Housing was a major focus in the election and will be a pivotal issue for the new Parliament to make big strides on. Supply side policies are key – and super funds can play an important part in developing housing options at scale that deliver good returns for members.
Topping SMC’s list for swift action in the first months is seeking the passage of payday super legislation with the first 100 days of Parliament, and rapidly finalising and passing reforms to help millions of Australians to access help, guidance and affordable financial advice to plan for retirement.
SMC will also push for the Parliament to lift the Low-Income Super Tax Offset to strengthen retirement for 1.2 million low-income workers, mostly women, to get a fairer tax deal on super.
As the Government looks to pursue changes to tax settings on earnings on high super balances, Australians on low incomes continue to miss out because LISTO has not been updated in 13 years, falling out of sync with tax bracket changes and rises in Superannuation Guarantee rates.
The drafting of crucial legal reforms to reform super’s death benefit laws so family violence perpetrators do not profit from their abuse is also a crucial item for early action.
So, too, is ending age-based discrimination in super by axing an outdated law that excludes most under-18-year-old workers from being paid super from the first hour of their first job.
Super Members Council CEO Misha Schubert said:
“A clear message from the election is that Australia must always strengthen and not weaken our world class super system – it is a key source of financial security for all Australians.”
“SMC will continue to work across the full breadth of the Parliament to progress a positive policy agenda to make Australia’s world-envied super system even stronger for millions of everyday Australians.”