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COTA supports having a goal, and making sure that goal is retirement income for older Australians.
COTA 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.
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.
A key feature of the Your Future, Your Super reform package in 2021 was delivery of greater transparency for consumers. COTA advocates that all funds regardless of their religious or ethical affiliation need to deliver high levels of transparency to their members.
COTA’s long campaign to make superannuation fairer gained a significant victory
The removal of a $450 per month income threshold that prevents low-income workers from receiving superannuation contributions from their employer is a much-needed step towards a more equitable retirement income system.
Legislating the Retirement Income Covenant is a very positive step towards a more adequate and sustainable retirement income system for all Australians. Superannuation should be paid on every dollar earned, no matter your income.
COTA has long argued that it is vital superannuation is paid on every dollar earned so that people can have the best possible income during their years of retirement.
This is a first and very important step toward a more central focus on increasing retirement income within our superannuation system, which was endorsed by the Retirement Income Review.
COTA have been strongly advocating for some time for the introduction of a Retirement Income Covenant in the Superannuation Industry (Supervision) Act 1993 and believe this is a first and very important step toward a more critical focus on retirement income within our superannuation system.
Older Australians will benefit from measures aimed at increasing workforce participation and fixing retirement incomes, COTA Australia says, but support for vulnerable groups like renters is still missing and long-term solutions are needed to ensure vulnerable Australians are adequately supported.
COTA Australia is generally supportive of the recommendations of the Productivity Commission report released in early 2019 and the general intentions behind the proposed Your Future, Your Super package. However, we have concerns about some important details in this package.