{"id":"C2024A00129","name":"Superannuation (Objective) Act 2024","slug":"superannuation-objective-act-2024","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"129 of 2024","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":436416,"registerId":"C2024A00129-fast-fetch-1775953619648","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Objective) Act 2024","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n![Commonwealth Coat of Arms of Australia](image.001.png)\n\n \n\n \n\n \n\n \n\n \n\n \n\nSuperannuation (Objective) Act 2024\n\nNo. 129, 2024\n\n \n\n \n\n \n\n \n\n \n\nAn Act relating to the objective of superannuation, and for related purposes\n\n \n\n \n\n \n\nContents\n\n1 Short title\n\n2 Commencement\n\n3 Simplified outline of this Act\n\n4 Definitions\n\n5 The objective of superannuation\n\n6 Statements of compatibility—Bills relating to superannuation\n\n7 Statements of compatibility—regulations relating to superannuation\n\n8 Act does not create enforceable rights or duties etc.\n\n9 Regulations\n\n \n\n![Commonwealth Coat of Arms of Australia](image.002.png)\n\n \n\n \n\nSuperannuation (Objective) Act 2024\n\nNo. 129, 2024\n\n \n\n \n\n \n\nAn Act relating to the objective of superannuation, and for related purposes\n\n[Assented to 10 December 2024]\n\nThe Parliament of Australia enacts:\n\n1  Short title\n\n  This Act is the Superannuation (Objective) Act 2024.\n\n2  Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. The whole of this Act The 28th day after this Act receives the Royal Assent. 7 January 2025\n\n\nNote: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n3  Simplified outline of this Act\n\nA statement of compatibility is required for Bills and regulations relating to superannuation, unless an exception applies.\n\nThe statement of compatibility must include an assessment of whether the Bill is, or the regulations are, compatible with the objective of superannuation.\n\n4  Definitions\n\n  In this Act:\n\nexcepted matter means a matter that relates to any of the following:\n\n (a) a public sector superannuation scheme (within the meaning of the Superannuation Industry (Supervision) Act 1993) established by or under a law of the Commonwealth;\n\n (b) the Australian Defence Force Superannuation Scheme (within the meaning of the Australian Defence Force Superannuation Act 2015);\n\n (c) the superannuation scheme established under the Military Superannuation and Benefits Act 1991;\n\n (d) the retirement scheme constituted by the Parliamentary Contributory Superannuation Act 1948;\n\n (e) the parliamentary superannuation scheme established by the Parliamentary Superannuation Act 2004;\n\n (f) the scheme for the provision of retirement and other benefits to and in respect of Judges under the Judges’ Pensions Act 1968;\n\n (g) a Commonwealth superannuation contribution (within the meaning of the Federal Circuit and Family Court of Australia Act 2021) payable to a Judge (within the meaning of that Act);\n\n (h) the allocation of a superannuation interest (within the meaning of the Family Law Act 1975) between:\n\n (i) the parties to a marriage; or\n\n (ii) the parties to a de facto relationship;\n\n  whether the allocation is dealt with under that Act or any other law of the Commonwealth;\n\n (i) any other thing prescribed by regulations made for the purposes of this paragraph.\n\nobjective of superannuation means the objective set out in subsection 5(1).\n\nrule‑maker has the same meaning as in the Legislation Act 2003.\n\nstatement of compatibility has the meaning given by subsection 6(1) or 7(1).\n\n5  The objective of superannuation\n\n (1) The objective of superannuation is to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.\n\n (2) This section does not affect:\n\n (a) the operation of any law of the Commonwealth (other than this Act or regulations made under this Act); or\n\n (b) the operation of the governing rules (within the meaning of the Superannuation Industry (Supervision) Act 1993) of any superannuation entity (within the meaning of that Act); or\n\n (c) any power, duty, right or liability of the trustee (within the meaning of that Act) of such an entity in its capacity as trustee.\n\n6  Statements of compatibility—Bills relating to superannuation\n\nRequirement for statement of compatibility\n\n (1) Subject to subsection (4), a member of Parliament who proposes to introduce a Bill for an Act into a House of the Parliament must, if the Bill relates to superannuation, cause a statement (a statement of compatibility) to be prepared in respect of the Bill.\n\n (2) Subject to subsection (4), a member of Parliament who introduces a Bill for an Act into a House of the Parliament, or another member acting on the first member’s behalf, must, if the Bill relates to superannuation, cause the statement of compatibility prepared under subsection (1) to be presented to the House.\n\nContent of statement of compatibility\n\n (3) A statement of compatibility must include an assessment of whether the Bill is compatible with the objective of superannuation.\n\nExceptions\n\n (4) This section does not apply in relation to a Bill to the extent that the Bill:\n\n (a) deals with a matter other than superannuation; or\n\n (b) deals with a matter that:\n\n (i) relates to superannuation; and\n\n (ii) is of a minor or technical nature; or\n\n (c) deals with an excepted matter; or\n\n (d) amends or repeals, or relates to an amendment or repeal of, an Act, or a provision of an Act, prescribed by regulations made for the purposes of this paragraph.\n\nApplication\n\n (5) This section applies in relation to a Bill proposed to be introduced, or introduced, into the Parliament on or after the commencement of this Act.\n\n7  Statements of compatibility—regulations relating to superannuation\n\nRequirement for statement of compatibility\n\n (1) Subject to subsections (3) and (4), the rule‑maker for regulations made under an Act must, if the regulations relate to superannuation, cause a statement (a statement of compatibility) to be prepared in respect of the regulations.\n\nContent of statement of compatibility\n\n (2) A statement of compatibility must include an assessment of whether the regulations are compatible with the objective of superannuation.\n\nExceptions\n\n (3) This section does not apply in relation to regulations to the extent that the regulations:\n\n (a) deal with a matter other than superannuation; or\n\n (b) deal with a matter that:\n\n (i) relates to superannuation; and\n\n (ii) is of a minor or technical nature; or\n\n (c) deal with an excepted matter; or\n\n (d) amend or repeal, or relate to an amendment or repeal of, regulations made:\n\n (i) under an Act prescribed by regulations made for the purposes of paragraph 6(4)(d); or\n\n (ii) under or for the purposes of a provision of an Act prescribed by regulations made for the purposes of that paragraph; or\n\n (e) amend or repeal, or relate to an amendment or repeal of, regulations, or a provision of regulations, prescribed by regulations made for the purposes of this paragraph.\n\n (4) This section does not apply in relation to regulations if the rule‑maker for the regulations is satisfied that:\n\n (a) the regulations (the new regulations) are made because other regulations have been, or will be, repealed by an Act (for example, by section 50 of the Legislation Act 2003); and\n\n (b) the new regulations do not involve a substantial change in policy in the law relating to superannuation.\n\nNote: Section 50 of the Legislation Act 2003 deals with the sunsetting of legislative instruments.\n\nExplanatory statements\n\n (5) The explanatory statement (within the meaning of the Legislation Act 2003) for regulations relating to superannuation must include:\n\n (a) the statement of compatibility for the regulations; or\n\n (b) if a statement of compatibility is not required because an exception under subsection (3) or (4) applies—a reference to each applicable exception.\n\nApplication\n\n (6) This section applies in relation to regulations made on or after the commencement of this Act.\n\n8  Act does not create enforceable rights or duties etc.\n\n (1) A failure to comply with section 6 in relation to a Bill that becomes an Act does not affect the validity, operation or enforcement of the Act or any other provision of a law of the Commonwealth.\n\n (2) A failure to comply with section 7 in relation to regulations does not affect the validity, operation or enforcement of the regulations or any other provision of a law of the Commonwealth.\n\n (3) A statement of compatibility prepared under this Act is not binding on any court or tribunal.\n\n9  Regulations\n\n  The Governor‑General may make regulations prescribing matters:\n\n (a) required or permitted by this Act to be prescribed by the regulations; or\n\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.\n\n \n\n \n\n \n\n \n\n[Minister’s second reading speech made in—\n\nHouse of Representatives on 16 November 2023\n\nSenate on 20 March 2024]\n\n \n\n(144/23)\n\n \n","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The Act itself defines its scope: it sets a statutory objective (s5(1)) and requires statements of compatibility for Bills and regulations that \"relate to superannuation,\" subject to enumerated exceptions (ss6–7; s4). It expressly preserves the operation of other Commonwealth laws and trustee powers (s5(2)). The instrument does not amend substantive superannuation law or expand legal rights; it creates procedural requirements and delegates detail to regulations (s9). On the basis of the text of this Act alone, there is no internal indication that the Act alters a pre‑existing scope; its operative scope is the one set out in the Act."},"complexity_factors":["Presence of multiple exceptions and a detailed list of \"excepted matter\" (s4) increases scope‑testing complexity.","Parallel procedural regimes for Bills (s6) and regulations (s7) require different actors (members of Parliament vs rule‑makers) to act.","Cross‑references to other Commonwealth Acts for defined terms and processes (for example, the Legislation Act 2003 and the Superannuation Industry (Supervision) Act 1993) introduce dependency on external definitions (s4, definition of rule‑maker).","Discretion and delegated detail: rule‑makers determine whether regulations \"relate to superannuation\" and the Governor‑General may make implementing regulations, allowing executive prescription of further excepted matters (s7(1), s9, s4(i)).","Legal effect limitation: express non‑enforceability clauses mean statements are procedural and not judicially binding (s8(1)–(3)), changing how legal practitioners and courts will treat the documents.","Potential definitional ambiguity over what \"relates to superannuation\" and what is \"minor or technical\" (ss6(4)(b), 7(3)(b)) creates implementation uncertainty for proposers."],"plain_english_summary":"What this Act changes, mechanically\n\n- The Act sets a single, short statutory objective for Australia’s superannuation system: “to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.” (s5(1)).\n- It obliges members of Parliament who propose or introduce Bills that \"relate to superannuation\" to prepare and present a \"statement of compatibility\" that assesses whether the Bill is compatible with that objective. (s6(1)–(3)).\n- It obliges rule‑makers (those who make regulations under Acts) to prepare a similar statement of compatibility for regulations that \"relate to superannuation\" and to include that statement, or a reference to any applicable exception, in the explanatory statement for the regulations. (s7(1)–(2), s7(5)).\n- The Act lists categories of \"excepted matter\" (specific public sector and parliamentary schemes, judges’ schemes, family law allocation of superannuation interests, and any other things prescribed by regulation) that are carved out from the statement requirement. (s4 excepted matter). \n- The Governor‑General may make regulations that prescribe details needed to operate the Act. (s9).\n- The Act makes clear that failing to prepare a required statement does not affect the validity, operation or enforcement of a resulting Act or regulations, and that statements of compatibility are not binding on courts or tribunals. (s8(1)–(3)).\n\nWhy the Act says it exists\n\n- The Act records an explicit objective for the superannuation system (s5(1)). The statutory objective is stated as a basis for assessing compatibility of new Bills and regulations that relate to superannuation (ss6–7). The explanatory statement and second reading speech are recorded in the Act’s formal history but do not change the legal mechanics in the Act itself.\n\nWho this affects and how\n\n- Who must prepare the statements: members of Parliament who propose or introduce Bills relating to superannuation (s6(1)–(2)), and rule‑makers who make regulations that relate to superannuation (s7(1)).\n- Who is carved out: a list of public sector and parliamentary superannuation schemes, certain judicial schemes and family law allocations, and other matters that regulations may prescribe (s4). These are excluded from the duty to prepare statements (s6(4)(c); s7(3)(c)).\n- Who pays / bears the burden: the responsible members and the rule‑making agencies must prepare assessments and include them in explanatory material (s6(1)–(3); s7(1)–(5)). There is no new payment or levy in the Act; the compliance cost is administrative (preparing the assessment and including it in material).\n- Who decides: Parliamentarians decide whether to introduce Bills; rule‑makers decide whether regulations relate to superannuation and whether exceptions apply (ss6–7). The Governor‑General may make regulations to implement the Act (s9).\n\nMechanics, incentives and likely behavioural effects\n\n- The Act creates a procedural check: before a Bill or regulation that relates to superannuation proceeds, an assessment of compatibility with the objective must be prepared and presented (ss6(1)–(3); 7(1)–(2)). That creates an information requirement designed to encourage proposers to consider the objective when drafting measures.\n- The cost is primarily the administrative time and legal or policy work required to prepare the statement and to determine whether an exception applies (s6(4); s7(3)–(4)). The Act does not create fines, penalties or other enforcement mechanisms tied to non‑preparation; failure to comply does not invalidate the law (s8(1)–(2)).\n- The rule‑maker has discretion to decide whether the regulations \"relate to superannuation\" and whether the exceptions apply; the Act also allows regulations to prescribe further excepted matters (s4 last limb; s7(3)(e)). That discretion allocates judgment to rule‑makers and agencies about when the statements are required.\n- Because the statements are not binding on courts or tribunals (s8(3)), they function as explanatory or political documents rather than legally enforceable limits on decision‑making or rights.\n\nTrade‑offs, risks and administrative considerations\n\n- Opportunity cost: the Act imposes an ongoing drafting and review cost on Parliamentarians and agencies that prepare Bills and regulations. The benefit appears to be better documented alignment (or explicit non‑alignment) with the single stated objective (s5(1)).\n- Implementation risk: uncertainty may arise about what \"relates to superannuation\" in practice and when a matter is ‘‘minor or technical’’ (ss6(4)(b); 7(3)(b)). That could lead to inconsistent use of the exception or additional internal review processes.\n- Bureaucratic discretion and regulatory detail: the Act permits the Governor‑General to make regulations and allows regulations to add excepted matters (s9; s4(i)), which delegates some definitional and scope choices to the executive.\n- Effect on private actors and markets: the Act does not directly change substantive rights, trustee duties, or market rules for superannuation entities; it expressly preserves the operation of other Commonwealth law and trustee powers (s5(2)). As a result, effects on prices, competition, ownership, contract freedom or individual entitlements would arise only indirectly through subsequent Bills or regulations that are planned or assessed against the objective.\n\nShort citation of key sections\n\n- Objective: s5(1).\n- Preservation of existing law and trustee powers: s5(2).\n- Statement requirements for Bills: s6(1)–(3); exceptions s6(4).\n- Statement requirements for regulations and explanatory statements: s7(1)–(2), s7(5); exceptions s7(3)–(4).\n- Non‑enforceability of failures to prepare statements: s8(1)–(3).\n- Definitions and excepted matters: s4.\n\nNet effect, mechanically stated\n\n- The Act establishes a statutory objective for superannuation and creates a mandatory (but non‑juridically enforceable) requirement that proposers of Bills and rule‑makers produce and publish an assessment of compatibility with that objective whenever their measure \"relates to superannuation,\" subject to enumerated exceptions. (ss5–7, 8)."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: establishing a statutory objective for superannuation and creating a parliamentary procedural requirement for compatibility statements. The scope has not expanded beyond this core accountability mechanism."},"complexity_factors":["Short statute with only 9 sections and minimal cross-referencing","Single defined term of substance ('objective of superannuation') with a clear, plain-English definition in section 5(1)","Straightforward procedural requirements in sections 6-7 with explicit exception categories","No nested conditional logic or exceptions to exceptions","Section 8 explicitly negates legal enforceability, removing interpretive complexity","Limited interaction with other legislation — primarily references the Legislation Act 2003 for definitions and the Superannuation Industry (Supervision) Act 1993 for technical terms"],"plain_english_summary":"This law sets out the **official purpose of Australia's superannuation system** and creates a new requirement for politicians to check that superannuation laws align with this purpose before passing them.\n\n**What it does:**\n\n*   **Defines the objective:** Superannuation exists to **preserve savings to deliver income for a dignified retirement**, alongside government support (like the Age Pension), in an **equitable and sustainable way**.\n*   **Creates a compatibility check:** Before introducing any new Bill or regulation about superannuation, the government must prepare a **\"statement of compatibility\"** — essentially a document explaining whether the proposed law aligns with this objective.\n*   **Exempts certain schemes:** The compatibility requirement doesn't apply to specific public sector schemes, including military superannuation, parliamentary superannuation, judges' pensions, and family law superannuation splits.\n*   **Has no legal teeth:** The law explicitly states that failing to prepare a compatibility statement **doesn't invalidate** the resulting law, and courts cannot enforce the objective against anyone.\n\n**Who it affects:**\n\n*   **Members of Parliament** — must prepare compatibility statements for superannuation Bills\n*   **Government agencies** — must prepare compatibility statements for superannuation regulations\n*   **The public** — provides transparency through published statements, though no direct legal rights\n\n**Why it matters:**\nThis is primarily a **transparency and accountability measure**. It forces the government to publicly justify superannuation changes against a clear policy goal, making it harder to pass laws that undermine retirement savings. However, it's a **political rather than legal constraint** — the courts can't strike down laws for incompatibility, and the objective doesn't change how existing superannuation actually operates."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-objective-act-2024","history":"/api/acts/superannuation-objective-act-2024/history","analysis":"/api/acts/superannuation-objective-act-2024/analysis","conflicts":"/api/acts/superannuation-objective-act-2024/conflicts","importantCases":"/api/acts/superannuation-objective-act-2024/important-cases","documents":"/api/acts/superannuation-objective-act-2024/documents"}}