The CSRI is an independent body established to represent the community interest in policy discussions relating to retirement incomes. It provides a forum that considers the whole retirement system and takes a long-term perspective of the solutions.
The Committee’s mission is to progress the development and implementation of policies to further the goal of encouraging “adequate incomes through all the years of retirement for all Australians on a fair and fiscally sustainable basis”.
Pursuing this goal, the CSRI will adopts the following guiding principles:
1. Setting the level of mandated contributions so that, together with tax concessions, any age pension entitlement and any other government contributions, they deliver adequate retirement incomes for Australians while not imposing excessive costs elsewhere. The cost of living pressures that people face during their working lives need to be balanced with those during retirement.
2. Ensuring the design of the super tax concessions are consistent with the objective of providing income for retirement and preserves the integrity and progressivity of the personal income tax system.
3. Balancing the need for flexibility in the way people use their superannuation savings with sufficient structure to ensure they are used for genuine retirement income purposes and mitigate market and longevity risks to retirement incomes and living standards.
4. Facilitating transition to retirement while encouraging people to maintain sufficient savings for their retirement incomes.
5. Improving the safety net to the aged with unavoidably high housing costs and those below age pension age who are unable to secure paid employment and save for their retirement.
6. Better targeting of social security payments in a way that retains incentives to work and save and does not distort the manner in which assets are held or used, including reconsidering the privileged status of housing assets.
7. Supporting the ability of older Australians to remain in the workforce and build adequate retirement savings, while recognizing some are unable to secure paid work while others contribute substantially to society through unpaid work.
8. Facilitating home equity release to enable income-poor retirees with sufficient equity in their homes to supplement their retirement incomes without jeopardising security of tenure or the capacity to access residential aged care if needed.
9. Seeking to curtail the costs of population aging on government budgets (including superannuation tax concessions, age pension payments and aged care expenditures).
10. Ensuring that individual retirees contribute to the cost of meeting their aged care needs in accordance with their capacity to pay.
11. Removing impediments to the development of superannuation benefit products and equity release products that would assist people to manage the risks they face in retirement.