"Having an objective for superannuation will also provide an enduring reference point to guide future decision making by policymakers. This should also provide increased certainty for superannuation fund members and those that provide them advice about their superannuation."

The government announced that it would develop legislation that enshrined the objective for superannuation in October 2015 as part of its response to the Financial System Inquiry.

In March, the government released a discussion paper on the proposed objective for the superannuation system and submissions closed on 11 April.

VIEW ALL

However, this positive progress could be slowed by the upcoming double dissolution election.

"The government accepted the recommendation of the Financial System Inquiry that the objective of the superannuation system be to provide income in retirement to substitute or supplement the age pension," Mr Proebstl said.

"With the election process now in full swing, it is difficult to predict with any certainty when legislation to enshrine the objective for superannuation may be passed."

He continued: "Both parties have indicated their support for the objective and, at best, legislation could be passed some months after the 2 July 2016 election."

According to Mr Proebstl, the legislation may take superannuation out of the budget cycle and bring more stability to superannuation policy.