ASFA, the voice of super, is calling for certainty and stability in superannuation policy as its key ask for an incoming government.
The peak body for superannuation is also asking for specific, targeted reforms that will help ensure future generations of Australians enjoy dignity in retirement while reinforcing Australia’s economic resilience.
“Our superannuation system is working well for the 17 million Australians with superannuation accounts by delivering strong retirement outcomes: it builds our prosperity, and delivers greater financial security for retirees, stable capital for investment, and economic resilience for the country,” ASFA CEO Mary Delahunty said.
“This Federal Election ASFA is calling for targeted and coordinated reforms that protect and build upon the strengths of Australia’s superannuation system, including maintaining the elements that make our system work: preservation settings, improving equity outcomes, and ensuring the system remains a pillar of national economic stability.
“If adopted, ASFA’s recommendations will enable superannuation to continue to deliver strong retirement outcomes for individuals that will allow them to retire with dignity, while also playing a critical role in funding infrastructure, housing and business investment,” Ms Delahunty said.
ASFA’s key priorities for the incoming government include:
- Strengthening fairness in retirement, including by expanding the Low Income Superannuation Tax Offset to improve retirement outcomes for working Australians.
- Implementing Payday Super without delay so that all Australians get their superannuation entitlements on time.
- Protecting super for Australians’ retirement by working with the superannuation sector to tackle financial crime, scams, fraud and other actions so that superannuation can be preserved for its intended purpose of retirement.
- Improve retirement outcomes through quality advice, and to achieve a goal of more Australians being able to access affordable and quality advice to plan for a strong retirement.
- Reinforcing consumer choice on the superannuation system by enhancing investment choices and informed decision-making in a transparent way.
- Harnessing the strength of superannuation to support investment in national priorities including housing supply, clean energy and infrastructure.
- Upholding a stable and efficient superannuation system that is working for millions of Australians through a predictable and balanced policy framework.
Download ASFA’s Policy Priorities document here.
For further information, please contact:
ASFA Media Manager Richard Garfield, 0451 949 300.
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.
