This bill became law on Dec 10th, 2024.
Budget, tax & economy
Australia now has a legal objective for super that says retirement savings should be kept to provide income in retirement, alongside government support, in a fair and financially lasting way.
Superannuation lacked a legal objective, leaving no clear shared purpose to guide future policy changes. This bill sets that objective in law and requires bills and regulations about super to explain whether they fit it.
Australia’s compulsory superannuation system had grown for decades without a legislated statement of purpose, even after the 2015 Murray reviewThe 2015 review that said Parliament should clearly state the purpose of the superannuation system. said Parliament should make the system’s objectives clear. The Albanese government introduced the Superannuation (Objective) Bill in November 2023, Parliament passed it in late 2024, and the Act commenced on 7 January 2025.
Critics said the bill’s broad and ambiguous wording could let future governments or courts use superannuation for political goals, higher taxes or policy agendas instead of keeping it strictly as people’s retirement savings. That case was raised most clearly by Coalition speakers and echoed in calls from Senator David Pocock for stronger modelling and review safeguards, even though no party represented in the debate opposed the bill’s basic objective outright.
Hon Dr Jim Chalmers MPA federal parliamentarian, including a member of the House of Representatives or a senator. The compatibility-statement rule applies when one proposes to introduce a superannuation bill in either house. introduced this bill. It passed on the voices.
Did it become law?
Yes
Became law 10 Dec 2024
Final passage
Passed without a counted vote
2 recorded amendment or procedural votes were found, but no counted vote on the bill itself was recorded.
Passage speed
390 days
From introduction to the latest recorded parliamentary step
Meaning
Australia now has a legal objective for super that says retirement savings should be kept to provide income in retirement, alongside government support, in a fair and financially lasting way.
Any federal parliamentarian who proposes to introduce a super bill in either houseThe lower house of federal Parliament, where the bill was introduced and passed before going to the Senate. must prepare a statement explaining whether the proposed law fits this legal objective for super.
Any new federal regulations about super must now come with a statement explaining whether those rules fit the legal objective for super.
The government can use later regulations to exempt some laws or parts of laws from needing these compatibility statements when they do not deal with broader super policy.
A missing compatibility statementShort explanations that future super bills and regulations must include to show whether they fit the superannuation objective. will not invalidate a super law, so the new requirement is for scrutiny and accountability rather than a basis to strike laws down.
(1) The objective of superannuation is to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.Superannuation (Objective) Act 2024 final Act text
(1) Subject to subsection (4), a member of Parliament who proposes to introduce a Bill for an Act into a House of the Parliament must, if the Bill relates to superannuation, cause a statement (a statement of compatibility) to be prepared in respect of the Bill.Superannuation (Objective) Act 2024 final Act text
(2) A statement of compatibility must include an assessment of whether the regulations are compatible with the objective of superannuation.Superannuation (Objective) Act 2024 final Act text
Regulation-making powers have been inserted to provide for the ability to carve‑out specific Acts and/or regulations, or specific provisions within an Act or regulations, from the requirement to prepare a statement of compatibility with the objective of superannuation. This enables an Act and/or regulation to be prescribed, or specific provisions within an Act or regulations to be prescribed, where they do not deal with broader superannuation policy. [Paragraphs 6(4)(d) and 7(3)(d) and (e)]Superannuation (Objective) explanatory memorandum
The Objective Bill does not create any rights or duties that are enforceable in judicial or other proceedings. Lack of a statement of compatibility with the objective of superannuation will not affect the validity, operation, or enforcement of any bill, regulation or any other law of the Commonwealth. This provision is necessary to give legal certainty that a lack of a statement of compatibility will not invalidate the bill or regulation. [Subsections 8(1) and (2)]Superannuation (Objective) explanatory memorandum
Context
Australia’s compulsory superannuation system had grown for decades without a legislated statement of purpose, even after the 2015 Murray reviewThe 2015 review that said Parliament should clearly state the purpose of the superannuation system. said Parliament should make the system’s objectives clear. The Albanese government introduced the Superannuation (Objective) Bill in November 2023, Parliament passed it in late 2024, and the Act commenced on 7 January 2025.
Murray reviewThe 2015 review that said Parliament should clearly state the purpose of the superannuation system. recommends a clear objective for superannuation
A speaker in the HouseThe lower house of federal Parliament, where the bill was introduced and passed before going to the Senate. said the 2015 Murray reviewThe 2015 review that said Parliament should clearly state the purpose of the superannuation system. recommended that Parliament make clear what the objectives of Australia’s superannuation system are.
Hansard ↗Government introduces a bill to legislate super’s purpose
Treasurer Jim Chalmers introduced the bill and said it would enshrine in law an objective focused on preserving savings to deliver income for a dignified retirement alongside government support.
Hansard ↗HouseThe lower house of federal Parliament, where the bill was introduced and passed before going to the Senate. passes the bill
The HouseThe lower house of federal Parliament, where the bill was introduced and passed before going to the Senate. agreed to the bill at third readingThe final stage of debate and voting on a bill in one house of Parliament before it moves on or is passed., sending it on after accepting the legislation in principle and completing passage through that chamber.
Parliamentary timeline ↗Parliament passes the bill
Both houses passed the bill in the same form, completing its parliamentary passage and clearing the way for it to become law.
Parliamentary timeline ↗Super objective starts operating
The Act commenced 28 days after Royal AssentThe final step that turns a bill passed by Parliament into an Act of law., making the superannuation objectiveThe legal purpose this bill puts in law: super should preserve savings so they can provide retirement income, alongside government support, in an equitable and sustainable way. and compatibility-statement requirements operative from this date.
Federal Register of Legislation ↗Legislative route
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
Referred to Committee (30/11/2023): Senate Economics Legislation Committee; Committee report (28/03/2024)
Referred to committee
APH bill page notesThe bill reached this recorded parliamentary step.
The bill reached this recorded parliamentary step.
The bill reached this recorded parliamentary step.
The bill reached this recorded parliamentary step.
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
Second reading agreed to
The chamber agreed to the bill at third readingThe final stage of debate and voting on a bill in one house of Parliament before it moves on or is passed., which completed passage through that chamber.
Third readingThe final stage of debate and voting on a bill in one house of Parliament before it moves on or is passed. agreed to
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
Second reading agreed to
The chamber agreed to the bill at third readingThe final stage of debate and voting on a bill in one house of Parliament before it moves on or is passed., which completed passage through that chamber.
Third readingThe final stage of debate and voting on a bill in one house of Parliament before it moves on or is passed. agreed to
Both houses passed the bill in the same form, completing parliamentary passage.
Finally passed both Houses
The Governor-General gave Royal AssentThe final step that turns a bill passed by Parliament into an Act of law., turning the bill into an Act.
Key criticism
Critics said the bill’s broad and ambiguous wording could let future governments or courts use superannuation for political goals, higher taxes or policy agendas instead of keeping it strictly as people’s retirement savings. That case was raised most clearly by Coalition speakers and echoed in calls from Senator David Pocock for stronger modelling and review safeguards, even though no party represented in the debate opposed the bill’s basic objective outright.
Most criticism was about wording, guardrails and future misuse rather than rejecting a legislated super objective itself.
Broad wording could expand government control
Opponents argued terms such as equity and sustainability are vague enough to let future governments or courts reinterpret superannuation’s purpose, weakening the idea that it is primarily Australians’ own retirement savings.
Risk of using super for taxes or nation-building
Critics warned the bill could be used to justify treating super as a tool for government spending priorities, nation-building or higher taxes rather than preserving members’ balances for retirement incomes.
Weak scrutiny and review requirements
A further reservation was that statements of compatibilityShort explanations that future super bills and regulations must include to show whether they fit the superannuation objective. alone may be too weak, with unsuccessful amendments seeking stronger modelling requirements and periodic reviews of how later super law changes match the objective.
Further sources
Votes
The bill passed both chambers on the voices. The counted divisions below were about amendments or procedure, not final passage.
HouseThe lower house of federal Parliament, where the bill was introduced and passed before going to the Senate. agreed to the bill's third readingThe final stage of debate and voting on a bill in one house of Parliament before it moves on or is passed. on the voices, so there is no list of individual Aye and No votes for final passage in that chamber.
Passed on the voices
In a voice vote, members call out Aye or No and the presiding officer judges which side has it. Individual names are only recorded if a formal division is called.
Senate agreed to the bill's third readingThe final stage of debate and voting on a bill in one house of Parliament before it moves on or is passed. on the voices, so there is no list of individual Aye and No votes for final passage in that chamber.
Passed on the voices
In a voice vote, members call out Aye or No and the presiding officer judges which side has it. Individual names are only recorded if a formal division is called.
Recorded amendment and procedural votes grouped by chamber. Expand a vote to see the party breakdown.
House
Defeated 61 to 81. Support came from Liberal Party, Nationals, and Centre Alliance. Opposition came from Labor and Greens. Minor-party and independent votes were split.
The HouseThe lower house of federal Parliament, where the bill was introduced and passed before going to the Senate. defeated the amendment 61-81, so the second-reading motion remained unchanged and the bill later passed the HouseThe lower house of federal Parliament, where the bill was introduced and passed before going to the Senate..
Senate
Defeated 5 to 31. Support came from Australia's Voice, One Nation, and minor parties and independents. Opposition came from Labor, Greens, and Liberal Party. Minor-party and independent votes were split.
The Senate rejected the package 5-31, so the bill proceeded without those extra reporting and review requirements.
These are amendment votes, not the final passage vote on the bill itself. The bill passed both chambers on the voices.
Parliamentary debate
Start here — lead voices
Chalmers supports the bill, saying it will put the purpose of superannuation into law and protect retirement savings from short-sighted political interference.
Read in Hansard ↗Taylor opposes the bill because he says superannuation should remain Australians' private savings, not a government tool for nation-building or higher taxes.
Read in Hansard ↗Howarth supports the bill because he says it helps keep superannuation focused on Australians' retirement savings and the best interests of members, but he uses the speech to attack Labor for treating super as a tool for other priorities.
Read in Hansard ↗Kylea Tink says she supports the idea of legislating a superannuation objectiveThe legal purpose this bill puts in law: super should preserve savings so they can provide retirement income, alongside government support, in an equitable and sustainable way. in principle, but argues this bill is too narrow, too vague and too weakly enforceable to give retirees real certainty.
Read in Hansard ↗All speeches by bloc
15 speakers · 16 contributions · 15 support
“So I commend the bill to the House. The primary objective of superannuation is to provide a dignified retirement for Australians, and that's a cause we should all support.”Read the full speech in Hansard ↗
“This bill embeds that purpose into the superannuation system. The purpose in this bill that we are discussing today is to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.”Read the full speech in Hansard ↗
“This is why the bill before the House today is so important. It will go some way to making sure this sort of short-sightedness never happens again. It will enshrine the objective of superannuation in legislation to preserve savings and to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.”Read the full speech in Hansard ↗
“Legislating an objective for superannuation, a Labor commitment at the last election, will give some peace of mind to Australian workers that we will do everything we can to safeguard their savings to deliver income in retirement, and it will give confidence to the superannuation sector. The Albanese government has introduced legislation to define the objective of superannuation as being 'to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way'.”Read the full speech in Hansard ↗
“This bill future-proofs the superannuation system so that it continues to benefit all Australians. I commend the bill to the House.”Read the full speech in Hansard ↗
“That is why I stand today to support this bill. Rather than thinking of the short term, we are here to outline a long-term vision for our great nation.”Read the full speech in Hansard ↗
“This bill will legislate the objective of superannuation by ensuring that it's a true north for our super system and by making sure that, when those opposite seek to denigrate such an institution, they must explain to the public why they're doing so. This bill provides that the objective of superannuation is to preserve savings to deliver income for a dignified retirement alongside government support in an equitable and sustainable way. This objective will serve as a reminder that achieving better living standards for Australians in retirement is at the heart of our superannuation system.”Read the full speech in Hansard ↗
“I'm really pleased to support the Superannuation (Objective) Bill 2023, enshrining an objective of superannuation into legislation. This legislation defines the objective as:”Read the full speech in Hansard ↗
“The objective is that super should exist to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.”Read the full speech in Hansard ↗
Hansard records 2 separate contributions by Steve Georganas on this bill. They are grouped here so the speaker is listed once.
Second reading speech
Georganas says Labor is strengthening superannuation with this bill and that it is an important step toward a transparent system focused on retirement savings. He supports it and urges the opposition to back it too.
“I commend the bill. I support it, and I hope the other side will be supporting it as well.”Read this contribution in Hansard ↗
Second reading speech
Georganas supports the bill, saying it gives superannuation a clear objective and helps ensure the system continues to protect workers' retirement savings with dignity. He argues it is needed because super has been a Labor reform and should guide future governments and regulators.
“I rise in support of the Superannuation (Objective) Bill 2023, an important bill that gives us an objective for what superannuation is and should be and what its aims are. Of course, superannuation was brought in by the Labor government, the former Hawke-Keating government, back in the nineties.”Read this contribution in Hansard ↗
“The objective will serve as a reminder that achieving better living standards for Australians in retirement is at the heart of the super system and that future policy changes should be compatible with this objective. I commend this bill to the House.”Read the full speech in Hansard ↗
“I listened carefully to the debate within the House, and we can separate out the noise from the way people propose to vote on this. I think it bodes well for the early passage of this bill through both houses, and I welcome that. There'll be other times over the next 12 months where we can debate issues such as super for housing—a proposition that I think is ill-conceived, but there will be other times and other debates where this matter can be heard out. We need to have a unified objective for super, and this proposed legislation achieves that.”Read the full speech in Hansard ↗
“This bill is an important next step towards a stronger super system for a stronger economy and it has been met with strong industry support, and I want to thank the industry for their engagement.”Read the full speech in Hansard ↗
“This bill is an important next step towards a stronger super system for a stronger economy and it has been met with strong industry support.”Read the full speech in Hansard ↗
“Today I rise to discuss the Albanese government's Superannuation (Objective) Bill 2023. I live and serve a diverse seat. Werriwa is home to families that are working towards growing their super as they reach retirement. I also serve those who require the age pension and every day see the importance of a welfare system that has been brought into place and honed by successive Labor governments. The diversity in my area means that having certainty in retirement is vital to my constituents, a certainty that comes from this bill. Despite being a pillar of the Australian retirement system, superannuation has no defined objective. This has led to confusion over how to shape policies that will provide ongoing stability and confidence to Australia's world class superannuation system. The Albanese Labor government seeks to define superannuation's objective as being:”Read the full speech in Hansard ↗
5 speakers · 3 support · 2 oppose
“Labor does not have a mandate to tax and spend Australians' super.”Read the full speech in Hansard ↗
“The premise of this legislation is important to ensuring that the objective of super remains within the best interests of Australians, and the government can't be trusted when it comes to this.”Read the full speech in Hansard ↗
“I indeed rise to speak in favour of the amendment moved by the shadow Treasurer, the member for Hume, and commend his contribution to the House as the lead speaker for the coalition on this. As he indicates, we won't be standing in the way of this bill passing through the House but are very much in favour of this going to a Senate inquiry process to look at some issues that were well canvassed by the member for Hume in his contribution.”Read the full speech in Hansard ↗
“Of course, when you look at one version of equity, if you look at groups rather than individuals, those inequities exist. But what this bill does and what that section does with section 15AB of the Acts Interpretation Act, is that it risks ambiguity being resolved in a political way, but not by people in this place, not by ministers, but by those in the courts who will be asked to resolve hard, complex cases about what this particular provision means.”Read the full speech in Hansard ↗
“Overall, the coalition support a legislated objective, provided that the objective does not stray from superannuation's primary purpose. An emphasis on supporting retirement incomes for Australia is the driving force of the coalition's thinking on the next priorities for superannuation, but Australians themselves should be making their own decisions about their super. These should not be decisions that are being made by government whenever it simply wants to move some money into another pet project.”Read the full speech in Hansard ↗
1 speaker · 1 unclear
“This legislation won't do anything to improve equity or to get capital away from speculative parts of the economy and into productive parts of the economy. However, the bill won't actually make any of this worse, either, so the Greens will reserve our position in the Senate.”Read the full speech in Hansard ↗
4 speakers · 2 support · 1 oppose · 1 mixed
“While my community welcomes in principle the move to legislate a superannuation objective to prevent inconsistent changes to the superannuation system in the long term, it is imperative that any objective protects the ability of Australians to build their superannuation balances in line with their long-term ambitions, rather than simply empowering any government of the day to pursue their economic aims by counting on the billions of dollars in balances that are not theirs.”Read the full speech in Hansard ↗
“The objective of superannuation should be to provide an adequate income to ensure that all Australians achieve a comfortable standard of living in retirement, supplementing or substituting the age pension. Preservation, retirement income, equity, sustainability and a dignified retirement should be at the heart of our superannuation policy.”Read the full speech in Hansard ↗
“I disagree. It will have no such effect. In this bill, the government proposes to replace one form of political gamesmanship of the superannuation system with another. This bill is window dressing masquerading as proper, well-thought-out law. I will be opposing this bill, and I note a number of key stakeholders oppose this bill.”Read the full speech in Hansard ↗
“This bill requires all new legislation presented to parliament and all new regulations developed by the executive branch to provide a statement of compatibility to explain how the item is compatible with the principles and social objectives of superannuation. This is a sensible and modest provision to safeguard both the material circumstances of Australians in their retirement and the basic founding pillars of our social fabric, and for this reason I will vote for this bill.”Read the full speech in Hansard ↗
Record
House · Introduced and read a first time
Introduced
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
House · Second reading moved
Second reading opened
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
House · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
House · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
House · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
House · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
House · Second reading agreed to
Second reading agreed
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
House · Third reading agreed to
Third readingThe final stage of debate and voting on a bill in one house of Parliament before it moves on or is passed. agreed
The chamber agreed to the bill at third readingThe final stage of debate and voting on a bill in one house of Parliament before it moves on or is passed., which completed passage through that chamber.
Senate · Introduced and read a first time
Introduced
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Senate · Second reading moved
Second reading opened
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Senate · Second reading agreed to
Second reading agreed
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
Senate · Third reading agreed to
Third readingThe final stage of debate and voting on a bill in one house of Parliament before it moves on or is passed. agreed
The chamber agreed to the bill at third readingThe final stage of debate and voting on a bill in one house of Parliament before it moves on or is passed., which completed passage through that chamber.
Parliament · Finally passed both Houses
Passed both houses
Both houses passed the bill in the same form, completing parliamentary passage.
Assent · Assent
Assent
The Governor-General gave Royal AssentThe final step that turns a bill passed by Parliament into an Act of law., turning the bill into an Act.
Senate Economics Legislation Committee; Committee report (28/03/2024)
Referred to committee
Referred to Committee (30 Nov 2023): Senate Economics Legislation Committee; Committee report (28 Mar 2024)
APH bill page notes
