Labor will legislate a simple purpose for Australia’s $3.3 trillion superannuation system, paving the way for new limits on multimillion-dollar balances.
Comfort in retirement
Asked whether Labor’s proposed objective would include these types of words, Mr Jones said he wanted to keep the wording simple. “We’re not trying to outline the benefits of having a $3 trillion or $4 trillion domestic savings pool or any of those other sorts of things. Let’s just focus on the retirement income case.”
While some superannuation executives support the formation of an independent advisory group to enforce superannuation’s legislated objective, Mr Jones said he was not attracted to the idea. “It is important we have those objectives nailed and legislated, and I just cannot see from this point of view what’s the additional work that the council of elders is supposed to do?”
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