Legislation to implement the Government’s superannuation reforms passed the Parliament on 23 November 2016. The superannuation reform package was announced in the 2016-17 Budget and amended following consultation. The changes improve the fairness, sustainability, flexibility and integrity of the superannuation system.

On 9 November 2016, the Government introduced the Superannuation (Objective) Bill 2016, which will enshrine the objective of superannuation in legislation. It sets out a clear objective for superannuation: ‘to provide income in retirement to substitute or supplement the Age Pension’, which guided the superannuation changes. The Objective Bill is being considered by the Economics Legislative Committee, which is due to report on 14 February 2016.

This website explains the Government’s reforms to the superannuation system. Most measures will take effect from 1 July 2017. Better targeted tax concessions will make the superannuation system more sustainable as the population ages and fiscal pressures increase. Savings also enable reforms that allow the system to work better for all Australians and increase its flexibility to align with the changing work–life patterns of modern Australia.

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