Julie-Ann Campbell (Moreton, Australian Labor Party) Share this | Hansard source

Listening to the member for Goldstein talk against the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Bill 2025, a bill targeted at superannuation reform, reminds me of something very important, and that is that the more things change, the more they stay the same. When I think back on the history of superannuation, my mind goes back to what happened when the first superannuation guarantee was put through this place in the early nineties. What did those opposites say then? They said that we'd all be ruined. They said that it would be a disaster for the economy. They said that it wouldn't work. They called it an extra tax when the proposal was for a three per cent contribution from employers. Things have not changed. They haven't changed because, we know, just like then, this is a coalition that doesn't back in workers and does not back in superannuation, as we see from the member for Goldstein's debate today.

Not only was that the case; he was also incredibly disingenuous in talking about housing. If you want to talk about housing, and if you want to understand what people need when it comes to getting more young people into homes and making sure that parents can have confidence that their children can secure and live in their own home to build for their future, we need to remember what those opposite have said and done when it comes to housing. They have said that a five per cent deposit is not something they'd support. What we need to know from the coalition is: who are the people who are not going to get a house because they don't support that policy? What we know from the coalition is that they didn't build a single social housing home. What we know about the coalition is that they did not have a housing minister for the majority of their last term.

When the member for Goldstein stood here and talked today—not content with the will they, won't they, on again, off again, relentless feudal infighting that subsumes everything those opposite do—he had to squeeze in a discussion to try and amend this not to support the reforms in superannuation that this Albanese government is putting forward today. I am always pleased to have the opportunity to talk about superannuation, a proud Labor initiative and a proud Labor legacy which enables Australians to fund dignified and independent retirement. Of course, that superannuation guarantee that was first enacted in this parliament in 1992 under the Keating Labor government was established because Labor took a long-term, responsible view of Australia's future. It recognised that an aging population would place a burden on the federal budget without a scheme to support everyday Australians. The idea behind super is really straightforward. It is compulsory, long-term savings, where your employer has to kick in. Thirty-four years on, Australia's super system stands as one of our greatest national achievements. It is the envy of the world, and it has delivered stronger, safer and more prosperous retirements for Australians.

When we talk about superannuation, we don't want to leave it where it is, because when you believe in something and you back something, you always want to make it better. That's what this bill does—and it's not just this bill. We heard from the Treasurer this morning about reforms to the LISTO—changes to increase the maximum payment and raise the income threshold, making sure that some of our lowest income Australians and some of our most vulnerable have the support that they need to offset and to make their lives better. It has strengthened Australia's retirement income system, provided workers with peace of mind about their future and acted as a vital partner to the aged pension. Beyond its social benefits, super has also become an economic powerhouse, fuelling national growth through major investments in infrastructure, housing, innovation and productive enterprises. These investments help underpin the resilience of the Australian economy and, crucially, ensure that working people share in the wealth they help create. Its establishment sits alongside other transformative public policy reform such as Medicare, the PBS and the NDIS, which are also Labor government initiatives. It shows what this government's priorities are. It shows what Labor's priorities are: people.

The Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Bill 2025 before the House today strengthens the superannuation system through a series of schedules. Some employees have stapled super funds, and these are funds which are linked, or 'stapled', to an individual employee as they move jobs. The first schedule of this bill amends the Superannuation Guarantee (Administration) Act 1992. It will enable people with a stapled fund to more easily see their existing fund when they change employment and make an informed choice about using it. This more streamlined approach will mean less duplication of super accounts and less of people's hard earned money going into super fund fees. This amendment gives employers more flexibility to request an employee's stapled super fund details from the ATO earlier in the onboarding process. This enables more efficient implementation of payday super.

Payday super is Labor's legislation. It comes into effect on 1 July this year and requires employers to pay super at the same time as they pay wages—not quarterly, not later but on payday. This is because super isn't a privilege. Super isn't a bonus; super is not an extra. Super is wages, and they deserve to be paid when they are earned. The CEO of the Association of Superannuation Funds Australia, Mary Delahunty, said:

The approach in the Bill strikes a balance between maximising member choice, ensuring workers are presented with options, and knowing that they are in the best performing product for them, while continuing to ensure that the number of Australians with more than one super account continues to reduce.

Schedule 2 amends the Corporations Act and implements a targeted ban on superannuation advertising during the employee onboarding process. This is an important time for new employees, and they should be able to consider their super options in a well-informed, non-pressured and clear way without being hit with sales pitches or feeling compelled to choose a particular product. I spent my younger years cutting my teeth supporting and representing manufacturing workers, and the time for workers to understand their superannuation entitlements is at the beginning. It's not when you've suffered an injury. It's not when your loved one is sick. That's what this legislation is focused on. To keep things practical, there are a few sensible exceptions. Workers will still be able to see information about their stapled fund, their employer's default fund or any regulated MySuper product. These exceptions make sure that people still get the key details they need without turning the onboarding process into a marketing exercise. This amendment ensures the process is less overwhelming for workers and keeps the focus on transparency and genuine choice rather than advertising.

The remaining schedules in this bill concern a range of matters. The first fulfils an obligation to World Rugby as part of Australia's forthcoming hosting duties in the 2027 and 2029 Rugby World Cups, and it follows similar exemptions that were provided for the 2023 FIFA Women's World Cup and the 2020 ICC Women's T20 World Cup. The schedule implements amendments to the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 to provide income tax and withholding tax exemptions for World Rugby and its wholly owned subsidiaries. These measures bolster Australia's reputation as a trusted host for major international sporting events—events that generate jobs, promote tourism and lead to long-term social benefits, such as increased participation in sport. These are events that not only drive economic growth and drive good, full employment but also bring our communities together.

Schedule 4 of this bill amends the International Tax Agreements Act and concerns the 30 November 2023 tax convention between Australia and Portugal. This convention is the first agreement of its kind between Australia and Portugal and will promote stronger trade, investment and, indeed, innovation connections. It encourages investment by lowering withholding tax rates on dividends, interest and royalties. The convention also outlines clear rules regarding the allocation of profits from cross-border activity, making processes more efficient and predictable and cutting down compliance costs. This schedule supports Labor's drive to ensure multinational companies pay their fair share of tax. It strengthens the integrity of our tax system by allowing tax authorities in both countries to share information and help each other collect tax debts—important tools in tackling tax evasion and avoidance. It's clear—and we know in this House—that Labor is the party of lower taxes for everyday Australians. But what we also want to make sure is that big business, big multinationals, are paying what they owe and are paying what they should.

Schedule 5 of the bill concerns measures to maintain trust and integrity in the administration of tax concessions accessed by not-for-profits that have deductible gift recipient status. Specifically, it amends the Income Tax Assessment Act of 1997 to update the list of deductible gift recipients, providing transparency and, indeed, clarity for donors.

The reforms in schedules 1 and 2 of this bill build on Labor's significant work to strengthen the superannuation system. This includes legislating the purpose of superannuation—that is, that the objective of superannuation is to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way. In other words, it's not a piggy bank that can be raided at the behest of others.

Another Labor superannuation reform that has had a huge impact, both financial and social, is superannuation on paid parental leave. On 1 July 2024, Labor added an additional two weeks to paid parental leave, increasing the total from 20 weeks to 22 weeks. The scheme has continued to grow by a further two weeks each year and will peak when it reaches 26 weeks of paid leave this year. As of July 2025, superannuation has been paid on government funded paid parental leave. This directly targets the unfair gap created when women's income drops, on average, by 55 per cent in the first five years of parenthood.

Yes, I say 'women's income' because it reflects the reality that women still shoulder most of the unpaid caring responsibilities in this country. That could be raising children, supporting ageing parents or caring for family members. Taking time out of paid work to do this essential care has a real and unfair financial impact on women.

Earlier in this speech, I mentioned payday super. This generational reform deals with the problem of unpaid superannuation. In 2021-22 alone, the ATO estimated that $5.2 billion in super went unpaid. That's around $100 million, every single week, that workers earned but never received. The payday superannuation legislation passed last year will help ensure employees are actually paid the super they're entitled to at the time they are entitled to it. Under the legislation, employers must ensure that the super payment hits the employee's super fund within seven days of payday.

The amendments in this bill are important because they bolster Australia's world-leading superannuation system. Together with payday super and the LISTO and backed by previous reforms, they will help ensure that Australians keep more of what they earn and retire with more—retire with dignity. While those opposite delayed the superannuation guarantee and undermined the foundations of the system, Labor is strengthening superannuation. We should all be proud of our super system and the hardworking Australians it supports and back in these changes to make sure that we're delivering for future generations. (Time expired)

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