AUSTRALIA | COTA has argued that superannuation objective reform was crucial for protecting dignified retirement for Australian seniors.
The passing of the Superannuation Objective Bill 2023 through parliament will help ensure Australians’ right to a dignified retirement is protected, COTA Australia has said.
Acting Chief Executive of COTA Australia – the leading advocacy organisation for older people – Corey Irlam, said enshrining the objective of superannuation in law so that it can’t be watered down in the future is something COTA Australia has long advocated for.
“Australia’s superannuation scheme is the envy of the world and we need to keep it that way,” Irlam said.
“Alongside Government supports such as the age pension and rent assistance, our superannuation scheme was designed to ensure that Australians could enjoy the dignified retirement they deserve. This new law helps ensure that any future changes to our superannuation scheme do not erode its original intention.”
Irlam said the superannuation objective changes follow a number of important cost of living measures announced by the Federal Government in recent weeks, which will help support older Australians, including moves to protect cash, removing fees on debit cards, as well as measures to make super work in the retirement phase.
“As our population ages, we need to be looking at measures to ensure that older people on fixed incomes don’t get left behind,” he added.
“We need to be taking action now not just to protect our current generation of older Australians, but also generations to come. In the middle of a cost of living crisis, these important measures which are designed to support older people to live the dignified life they deserve are very welcomed.”
Irlam said the Aged Care Act contains many crucial elements that will protect the rights of older people, including a robust, independent complaints mechanism, enforceable rights for older people, the right to visitors at all times, clearer hardship protections and a transparent wait times report. However, he stressed that the work to protect the rights of older people isn’t over.
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