On 31 March 2023, the AFA and the FPA made a joint submission in response to a consultation being undertaken by the Government on the introduction of an objective for superannuation.
The purpose of introducing an objective is to provide greater certainty in the policy regime that applies to superannuation and avoid all the regular changes that seem to take place. In particular, it is important to avoid Governments seeing the superannuation system as an attractive option to fill short term budget holes.
Both the AFA and the FPA support the legislation of an objective for superannuation, however we have suggested that some changes need to be made to the draft, and the whole issue needs to be viewed through the lens that superannuation money is owned by Australians and not the Government or any other stakeholder. In this respect, we are concerned about the objective being used in the future to further limit flexibility in the use of superannuation money by Australians.
Please click here to see a copy of the joint AFA and FPA submission.
For any questions on the objective of superannuation, please email policy@afa.asn.au.
