Bill's Media Releases

SUPER CHARTER CONSULTATIONS CLOSE FRIDAY

Not so long ago in this nation’s history, superannuation was just an idea.

Thanks to the foresight of the Hawke/Keating Government, today superannuation is a foundation stone of the Australian economy.

The Gillard Labor Government wants to ensure that fact continues well into the future.

Labor is determined to ensure Australians who work hard their entire lives don’t retire poor.

That is why the Gillard Labor Government is creating Australia’s first Super Charter which will enshrine the core principles of our world class scheme for the long term.

On 5 April 2013, the Government announced plans to progress the creation of a Charter of Superannuation Adequacy and Sustainability.

The Super Charter is currently being drafted by the Charter Group of experts which are conducting consultations and seeking submissions.

All Australians interested in the future of super are urged to have their say by making a submission by Friday, June 21.

The Charter Group recently held two public forums, in Sydney and in Melbourne, to assist with their consultations.

The Charter is being developed against the core principles of certainty, adequacy, fairness and sustainability.

The Charter Group will also seek input on the establishment of a Council of Superannuation Custodians.

The Council will report annually on the adequacy, performance and sustainability of superannuation, as well as make recommendations to Parliament for improvements.

The Council will act as an impartial, expert superannuation body which protects the integrity of the scheme and ensures the policy settings are consistent with its core objectives, values and principles.

Superannuation contributes significantly to national savings, employment, financial stability and economic growth as well as taking pressure off the Age Pension.

Superannuation in Australia today is worth about $1.6 trillion and is expected to rise to around $6 trillion by 2037.

Labor created Australia’s world-class superannuation system and only Labor is committed to growing it in the future.

The Discussion Paper: Charter of Superannuation Adequacy and Sustainability and Council of Superannuation Custodians was released by the Minister on 9 May 2013 and provides a framework for consultation.

The Discussion Paper and Terms of Reference can be found by visiting www.treasury.gov.au/supercharter