Treasurer Jim Chalmers this week declared victory in the 30-year superannuation wars, but now a fresh fight has erupted over the purpose of super.
a certain level of government spending on tax breaks into the future and discourage constant policy change.to an adequate, comfortable or dignified retirement were subjective, and would leave superannuation subject to “constant political interference”.
But at the same time she backs the government’s approach that any such definition should preclude circumstances such as the early release scheme or super for housing schemes.“You don’t have a crystal ball to know what would come up [next]. It might be for housing, it might be for debt reduction, it might be for some other social cause,” Stewart says. “That, ultimately, is not what the superannuation system was designed for.
Murray favours the tight definition of the purpose of super recommended by his inquiry, one that is ultimately about providing maximum “income in retirement”, rather than any broader lifestyle or wellbeing metrics. The government says the measure would reduce compliance costs for funds and improve member outcomes, but it has enraged not only political foes but also consumer advocacy groups, such as the CHOICE-affiliated Super Consumers Australia.
With the rate of superannuation set to reach 12 per cent in July 2025, Financial Services Minister Stephen Jones told thein June that Labor would examine “pathways beyond 12 per cent towards the back end of this term”.
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