The Australian Institute of Superannuation Trustees (AIST) has vowed to ensure that superannuation policy gets the attention it deserves during the Federal election campaign.
AIST CEO Eva Scheerlinck said the organisation would continue to actively engage with political parties on behalf of its members about the issues that affect the fairness, equity, adequacy, and transparency of the retirement savings system.
“Although superannuation may not be front of mind for Australians as they consider their voting intentions, it is a major driver of their quality of life in retirement and we’re determined to make sure it gets attention during the campaign,” Ms Scheerlinck said.
“We’ve seen the major parties focus on immediate financial issues such as household budgets and the rising cost of living as they compete for the hearts, minds and votes of Australians, which is understandable, but super also affects hip pockets after people leave the workforce.”
Ms Scheerlinck noted that the Budget in March had no major announcements about super, nor any action to address the shameful gender gap that sees women earning less than, and retiring with 40% lower super balances, than men.
“The superannuation system in Australia is one of our national treasures, admired around the world, but it’s important that we don’t take it for granted. We need to keep on improving outcomes for all Australians,” she said.
“We hope to hear those standing for office explain during the campaign how they will help Australians with their retirement savings, particularly women, who spend more time out of the workforce caring for children and family, as well as vulnerable Australians.”
Ms Scheerlinck urged all candidates to declare their ongoing support for compulsory superannuation in Australia and commit to not undermining its core purpose, to deliver dignity in retirement for working Australians.
“In addition, I ask they support our call for the Government to assess the impact of the financial coercion of women in 2020’s early release of super scheme in the early days of the pandemic, re-commit to the increase in the Superannuation Guarantee to 12% by 2025, and extend the Your Super, Your Future performance test to all APRA-regulated superannuation products,” Ms Scheerlinck said.
“Whoever is elected on 21 May to run the country, plenty remains to be done to ensure all Australians have the long-term financial stability and dignified retirement they deserve, regardless of their gender, culture, education or socio-economic background.”
