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COTA Australia provided brief comments to the Draft Rule Determination National Energy Retail Amendment (Advance Notice Of Price Changes) Rule 2018, Australian Energy Market Commission (AEMC), 5 June 2018.

In our submission we voice full support for the AER’s creation of a Guideline that would ensure bills meet the needs of consumers, now and into the future, in an efficient way that minimises cost and enables industry innovation.

The design and distribution obligations (DADOs) should help to achieve a cultural shift within financial firms away from simply ‘selling’ financial products towards designing and distributing suitable products that meet customer needs. This submission comments on the revised exposure draft.

The issues identified in this submission impact many older Australians and the measures outlined here to address these issues have the potential to improve the lives of a large and growing proportion of Australians.

COTA have been strongly advocating for some time for the introduction of a Retirement Income Covenant in the Superannuation Industry (Supervision) Act 1993 and believe this is a first and very important step toward a more critical focus on retirement income within our superannuation system.

COTA Australia welcomes the opportunity to provide input into the Retirement Income Review. The Review will consider both the three pillars of our retirement incomes system (the age pension, compulsory superannuation and private savings), and their interactions.