The National Foundation for Australian Women supports in principle the imposition of a higher tax rate on high balance accounts. We are concerned that the principle of equitable outcomes will be lost in the discussion around the mechanics of how the charge will be calculated, particularly the characterisation as a tax on unrealised gains.

It is now widely acknowledged that the different elements of the retirement income system affect women differently to men. The design of the superannuation guarantee system is inherently flawed as it is based on lifetime income.

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-Ensuring a dignified retirement-Equity and sustainability