AUSTRALIA - A full-scale review of Australia's existing retirement incomes system needs to be launched by the new Labor government to deal with a confused and fragmented policy landscape, according to the Australian Institute of Superannuation Trustees (AIST).
It said market forces, combined with policy neglect by the previous government, had led to the situation, which needed a debate truly informed by public policy objectives.
In addition, AIST urged the government to introduce immediate amendments to correct anomolies in the current system, to immediately address the "severe disadvantage of women in superannuation" and to ensure implementation of housing affordability announcements met policy objectives.
It said the A$450 threshold for Superannuation Guarantee contributions should be abolished immediately and employers should be required to offer salary sacrifice contributions to all workers.
The government was also urged to clamp down on employers who were contracting workers as self-employed persons, in order to avoid paying the Superannuation Guarantee.
Other recommendations included a consultation on the amalgamation of lost accounts, and a tightening up of Transition to Retirement rules to stop people using them to create tax breaks as they neared retirement.
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