The Financial Services Council (FSC) has moved to take the lead on the development of a national retirement income policy.
The call for pursuit of the major policy was contained in a speech by FSC chief executive, John Brogden to the organisation's annual conference in Cairns where he suggested that a move needed to be made to take policy beyond what was a world-class superannuation system to a world's best retirement system.
He said superannuation and retirement income policy had to be seen in the overall context of short, medium and long-term national budget sustainability.
"The system must not only provide a majority of Australians with an adequate retirement — it must also take intergenerational pressure off the budget. Failure to do this will mean our superannuation system and policy has failed," Brogden said.
In doing so, Brogden committed to the FSC to leading the debate saying it would work with its members, business leaders and community organisations to develop a National Retirement Outcomes policy.
"This policy will form views on critical issues that will determine whether superannuation succeeds or fails as the savings vehicle for Australia's future," he said.
"The stakes are that high," Brogden said. ""The alternative is rolling, piecemeal and constant changes into the system that undermine confidence and stability."
