The Association of Superannuation Funds of Australia (ASFA) has welcomed the release of the government’s Retirement Income Review consultation paper as it is an opportunity to improve the long-term retirement outcomes for Australians.
On Friday, the government released the paper to outline some of the issues the panel would be considering and it was intended to be a guide to those making a submission.
ASFA chief executive, Martin Fahy, said: “Australia’s superannuation system is consistently ranked as one of the top private pension systems globally in terms of sustainability, adequacy and integrity. The review of the retirement income system is an opportunity to build on this great foundation”.
“ASFA is committed to working constructively with the review panel. In order to deliver on its aspiration to establish a single fact-base around Australia’s retirement funding system, I reiterate the call for Treasury to release its MARIA [Model Of Australian Retirement Incomes And Assets] model which will be used as part of this review.
“This will make the underlying assumptions transparent and thus constructively contribute to a robust debate and ultimately good public policy.”
Submissions are open until 3 February 2020.