Real Estate Institute of Australia (REIA)’s ‘Submission: Legislating the Objective of Superannuation’ has encouraged the Treasury to take a bigger picture approach to defining what a successful retirement means.
REIA President, Hayden Groves said REIA supports the need to enshrine the objective of superannuation, but the draft definition does not respond to the mounting challenges our retirement support systems will face as our population ages and home ownership rates decline.
“REIA agrees Australians would benefit from legal framework to safeguard their mandatory superannuation savings.
“The 2021 Retirement Income Review identified that home ownership is a fundamental pillar of successful retirement supplemented by superannuation and other income.
“This will become more important our nation deals with the economic, social and ethical implications of an increasing ‘greying population’ that will be seeking access to their superannuation.
“It will also affect those younger and lower-to-middle income Australians whom over the past 40 years have suffered from declining home ownership rates.
“Increases in residential property prices, later workforce entry, delay of household formation and declining housing affordability have all been key factors in this trend,” he said.
GROWTH IN HOUSING FINANCE APPROVALS RESUMES
2021 OFFERS UNIQUE OPPORTUNITY FOR LATE AUTUMN AND WINTER SALES
RENTS CONTINUE RECOVERY FROM COVID IMPACT
All-star line-up for REIA National Awards for Excellence 2021 to be held in the Top End
HOMES SHOULD BE AT THE HEART OF BUDGET 2021 AS AUSSIE JOBS COME BACK ONLINE
RAPID GROWTH IN HOUSING FINANCE APPROVALS SLOWING DOWN
AUSTRALIAN HOUSING PRICES SOAR BY 500% OVER PAST 25 YEARS