Superannuation Bills largely stalled in Senate ahead of winter break

With Parliament having risen for the long winter break many of the Government’s superannuation Bills remain stalled in the Senate, with some not even being debated yet in 2018

ASIC fee-for-service Bills

The Bills to change ASIC towards a fee-for-service model have passed the Parliament. In part the Bills will lead to increases in the fees for SMSF Auditors, in some cases substantial fees. The actual level of the fees will be set in regulation, which Minister for Revenue and Financial Services Kelly O’Dwyer said would be made “shortly”. Read more...

Superannuation Bills start Parliamentary year stalled

Much of the Government’s superannuation agenda starts the Parliamentary year stalled in the Senate.

The Government currently has five superannuation Bills before the Parliament. The Government gave three of the four Bills in the Senate priority for debate in the final sitting week of 2017, only to delay when it became clear they didn’t have the votes. At the time Minister for Revenue and Financial Services, Kelly O’Dwyer, said the Bills were “certainly not dead”.

The fourth Bill is the Superannuation (Objective) Bill 2016, which sets an objective for superannuation in legislation. It was last debated in late 2016. Read more...

All Government super Bills set for debate today, except objective of super

All the Government’s superannuation Bills are set for debate in the Senate today, except for the Bill setting the objective for super.

Update, Tuesday evening: The Senate didn’t debate the superannuation Bills today, only reaching the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 – the first Bill on the notice paperThe superannuation changes may be debated on Wednesday, but welfare reform is also scheduled for debate, and potentially same sex marriage.

Update, Tuesday morning: The superannuation bills are scheduled again for debate in the Senate on Tuesday. There was little movement on the Bills on Monday, with only time to introduce the Bills coming from the House of Representatives. It is unclear yet how the ongoing citizenship issue has impacted the likelihood of passage, given both Labor and the Greens oppose some of the measures. Read more...

Little movement on Government’s superannuation agenda so far in 2017

There has been little movement on the Government’s legislative superannuation agenda in the Autumn sitting of the Parliament.

The Government has a number of superannuation policies which have yet to be legislated, but these were not given priority in the first Parliamentary sittings of 2017.

The Superannuation (Objective) Bill 2016 is currently before the Senate, but was last debated on 23 November 2016. A Senate inquiry into the Bill gave its report on February 14.

The Government also still has policies to change the governance arrangements of large superannuation fund and to expand super choice to more employees, however these Bills are not before the Parliament. The Bills were previously introduced and debated, but lapsed when Parliament was prorogued ahead of the double dissolution election and will need to be reintroduced. Read more...

Senate recommended to pass super objective Bill, reporting in IGR

The majority of a Senate committee inquiry into the Superannuation (Objective) Bill 2016 has recommended its passage, though with reporting as part of the Intergenerational Report.

Much of the debate over the Bill had been on the wording of the objective. The committee found there was no consensus on alternative wordings and so is sticking with the original wording: “The primary objective of the superannuation system is to provide income in retirement to substitute or supplement the age pension.” Read more...

Super objective Bill shouldn’t be delayed to serve “vested interests”: Grattan Institute

The superannuation objective Bill should not be delayed to “serve the vested interests” of the superannuation industry, Grattan Institute CEO John Daley has told a Senate committee.

Mr Daley told the committee, which is conducting an inquiry into the Superannuation (Objective) Bill 2016, that the Bill should be passed as drafted. The Grattan Insitute is supportive of the proposed objective, which links superannuation to the age pension. The superannuation industry have called for the objective to be changed to include concepts such as adequacy. Read more...

Essential to include ‘adequacy’ in objective for superannuation

It is essential to include the concept of adequacy in the legislative objective for superannuation, says the SMSF Association.

A Bill to set in legislation an objective for superannuation is currently before the Parliament, the Superannuation (Objective) Bill 2016. However opinion on the objective are divided, with the superannuation industry calling for the objective to include adequacy. However some groups, including the Grattan Institute, support the currently proposed objective:

The primary objective of the superannuation system is to provide 3 income in retirement to substitute or supplement the age pension. Read more...

Objective for superannuation shouldn’t include adequacy: Grattan Institute

The Grattan Institute agrees with the Government that the legislative objective for superannuation shouldn’t include adequacy or the need for a ‘comfortable’ retirement.

The Government is close to setting an objective for superannuation in legislation, following from a recommendation of the Financial System Inquiry. The Bill before Parliament, the Superannuation (Objective) Bill 2016, is currently the subject of a Senate inquiry.

Representatives of the superannuation industry have called the proposed objective fatally flawed, in part due to issues of adequacy, but this is rejected by the Grattan Institute. Read more...

Government’s proposed superannuation objective is “fatally flawed”

The Government’s proposed legislative objective for superannuation is “fatally flawed”, according to Industry Super Australia.

In a submission to the Senate Committee inquiry into the Superannuation (Objective) Bill 2016, Industry Super Australia says that setting an objective as a means to evaluate policy proposals is sound but the objective in the Bill is flawed.

“Among other reasons, the primary objective is flawed because it would not provide a basis for comparing and evaluating future superannuation policy proposals,” says the submission. Read more...

Proposed objective for superannuation “inadequate and lacks ambition”

The Government’s proposed objective for superannuation, to be set in legislation, is “inadequate and lacks ambition” says the SMSF Owners’ Alliance.

A Senate committee is conducting an inquiry into the Superannuation (Objective) Bill 2016, which would legislate the following as the primary objective for superannuation:

The primary objective of the superannuation system is to provide income in retirement to substitute or supplement the age pension.

The SMSF Owners’ Alliance (SMSFOA) says, in a submission to the inquiry, this positions superannuation as merely having a supporting role for the age pension. Read more...