COTA Australia welcomes super clarity; calls for retirement income certainty

The Council on the Ageing (COTA) Australia, the peak body for older Australians, has welcomed the announcement of the Federal Government’s position on superannuation changes today and says older Australians need certainty and stability around their retirement income.

COTA Australia Chief Executive Officer, Patricia Sparrow, says legislating  superannuation’s purpose as being for retirement will protect retirement incomes for the future.

“The wellbeing of older Australians should always be at the centre of any debate about superannuation reform and that means we need to realise that certainty is incredibly important for people planning, entering or in retirement,” Ms Sparrow says.

“The Treasurer has said the changes will be made after the next election, which is good because it will give everyone a chance to assess the impact of the changes and enable the Australian population to be the final arbiter.

“People need certainty and forewarning in order to plan for their retirement. Threats of sudden changes can be distressing for people, particularly older Australians in retirement or about to retire.

“All older Australians deserve the assurance that they can retire with dignity. We need to make sure people have the housing and income to live comfortably in retirement.”

Ms Sparrow said that having a clear timeline for the implementation of the changes will be important.

“Long termism and stability are crucial when we’re talking about life-changing issues such as superannuation.”