Regulation Impact Statement – Department of the Treasury

On 9 November 2016, the Government introduced legislation to make the superannuation system fairer and more fiscally sustainable; encourage and provide more opportunities for people to save for their retirement; and improve the integrity of the superannuation system to ensure that it is used for the purpose of providing income in retirement to substitute or supplement the age pension and not for tax minimisation and estate planning purposes.

A Regulation Impact Statement (RIS) prepared by the Department of the Treasury has been assessed as compliant with the Government’s RIS requirements.

The RIS was not assessed as with best practice with the Government’s RIS requirements as significant and major policy decisions on the proposal were announced on 15 September 2016 that were not informed by an updated RIS.

The RIS estimates the proposal will increase regulatory burden by $80.3 million per annum. The OBPR agreed to the estimate of regulatory burden.