The National Foundation for Australian Women supports legislating the Objective of Superannuation.
- The Objective should include the criteria of:
- Preservation of savings-Generating income in retirement-
- Government support through the Age Pension and services including health and aged care and
- Ensuring a dignified retirement-Equity and sustainability
- The concepts of a dignified retirement, equity and sustainability should be made less subjective by incorporating benchmarks that can be used to assess the effectiveness of the retirement income system.
- The accountability mechanisms should include
- Committee scrutiny of Bills and Regulations to ensure that they comply with the Objective
- Proposals should be examined through a gendered lens to ensure that they met the needs of women and that they comply with the (proposed) National Strategy to Achieve Gender Equality
- Superannuation measures must be subject to periodic review against the benchmarked objectives through the annual Parliamentary Budget Statements of the Treasury and the periodic Intergenerational Reports
- External review by the Productivity Commission or the Australian National Audit Office should also be included in superannuation legislation.
