FINSIA believes there are practical benefits of legislating an objective for the superannuation system including providing certainty for individuals when saving for their retirement and improving the direction to trustees in respect of their duties in governing superannuation funds. FINSIA supports an objective that includes a purpose around equity. This will help ensure that further changes to the superannuation (and retirement income) system will support disadvantaged and less represented groups to maximise their superannuation (or retirement income) benefits.

Given the global nature of business in Australia, it is important to align our climate reporting requirements with international practice on climate related financial disclosure. Any obligations for climate related financial disclosures that are developed in Australia should align with the reporting requirements currently under development by the International Sustainability Standards Board (ISSB) when they become available for jurisdictional adoption.