Legislating the objective of superannuation

We call for the objective of superannuation to be legislated as superannuation is a significant source of capital in the Australian economy.

The lack of a legislated objective has enabled successive governments to stray from the policy's original intent and this, in turn, has led to increased wealth inequality.

The Society highlights that the cost of tax breaks for superannuation was around $52.5 billion in the 2022-23 Federal Budget, almost equal to the $55.3 billion spent on the Age Pension.