28 November 2024
Attributable to HESTA CEO Debby Blakey:
The passage of the Superannuation (Objective) Bill 2023 is an important milestone in the continued development of Australia’s world-leading retirement system.
With our more than one million HESTA members in mind – around 80% of whom are women – we have strongly supported this legislation, and its recognition of the importance of preservation and equity as vital underpinnings to delivering a dignified retirement.
Before compulsory super was introduced in 1992, many Australian workers retired with little to no savings. Today, a typical worker will retire with around $200,000, according to the Super Members Council.
This is what makes Australia’s superannuation system a model for other modern economies and it’s why we believe it was so vital to enshrine in law for generations to come an objective that will be a north star to guide future policymakers.
While we support the Bill, we know there’s still much work to do to ensure that all Australians fully share in the benefits of our super system, particularly women, those earning lower wages and First Nations People.
Ends.
About HESTA
HESTA is one of the largest superannuation funds dedicated to Australia’s health and community services sector. An industry fund that's run only to benefit members, HESTA now has more than one million members (around 80% of whom are women) and currently manages approximately $90 billion* in assets invested around the world.
*Information is current as at the date of issue.