Parliament passes key reforms to make super and retirement fairer

Rest, one of Australia’s largest profit-to-member superannuation funds, says key legislation passed through the Australian Parliament yesterday evening will help create a fairer super system and allow for better retirement outcomes for members.

Rest’s Chief Strategy and Corporate Affairs Officer, Tyrone O’Neill, says the Superannuation (Objective) Bill 2023 and the Future Made in Australia package of reforms, will enshrine fairness and equity into the super system, and make it easier for funds to invest in long-term sustainable assets that generate strong financial benefits for members.

“Rest represents more than 2 million members, many working in part-time and casual roles who may retire with lower balances. Rest also represents over 1 million women and around 1 in 5 young women in Australia. It’s essential to have a super system that works equitably and sustainably to help our members – and all Australians – reach their best-possible retirement,” said Mr O’Neill.

“We are strong advocates of fairer super. Having an objective for super that codifies preservation, equity and a dignified retirement in law is a positive step forward for our members, and supports further progress toward fairness in super.

“The Future Made in Australia package will aid the development of sustainable finance markets and provides clarity to investors of sustainable investment opportunities.

“These changes will help Rest, and other institutional investors, identify a long-term pipeline of good-quality investments that generate valuable financial benefits for our members and also support investments into areas including the energy transition to a low carbon future.

“Rest congratulates the Government and the Parliament for passing these important reforms.”