The SMSF sector posted strong returns on assets in the 2021 financial year, with fund sizes playing a role in the performances of individual funds.

The government will seek industry feedback on a legislated objective for superannuation and has put forward its proposed wording.

The SMSF sector has pushed past the 600,000 mark with more than 1.1 million members after a high number of establishments last financial year.

Short-term changes to the superannuation system should aim to complete some unfinished initiatives, while driving end benefits to consumers.

Australians have expressed their support to legislate the objective of superannuation with the proviso it will focus on retirement income for all.