Review of the early release of superannuation benefits
The submission to the Treasury in response to the Review of the early release of superannuation benefits was prepared by the Law Council.
The Law Council notes that the stated purpose of the Review is to determine whether the superannuation system continues to be fit for purpose and whether it serves the interests of consumers. The Law Council also notes that the Review focuses on the following key issues:
- the increasing use of superannuation to fund medical treatment;
- whether the mortgage foreclosure ground should be extended to rental eviction;
- whether the current rules for release on grounds of severe financial hardship are appropriate; and
- whether an offender’s superannuation and assets should be available to pay compensation or restitution to victims of crime.
The Law Council is also grateful for the opportunity to attend a consultation conducted by Treasury in relation to these matters. This submission does not expand on the issues raised by Luke Barrett, Chair of the Law Council’s Superannuation Committee, at that consultation and is limited to the issues raised by one of the Law Council’s Constituent Bodies, the Law Society of New South Wales.
You can read the full submission below.