Tracey Roberts (Pearce, Australian Labor Party) Share this | Hansard source

I rise today in strong support of the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Bill 2025—legislation that strengthens fairness, flexibility, and transparency across our superannuation and taxation frameworks. This Bill ensures that every Australian worker, no matter their industry, income, or employer, has genuine choice in how their retirement savings are managed and invested.

Superannuation is, at its heart, a promise—a promise that after decades of hard work, contributing and saving, every Australian can retire with dignity, independence, and financial security. It stands as one of the great achievements of modern Australia and one of Labor's proudest legacies. Yet as our economy and workforce evolve, so too must our super system. We must give workers greater flexibility, reduce duplication, and cut red tape while strengthening the safeguards that protect members' savings.

This Bill delivers on that commitment. It amends the Superannuation Guarantee (Administration) Act 1992 to streamline the choice of superannuation fund process during employee onboarding, ensuring that workers can easily nominate their preferred fund when they start a new job. It further amends the Corporations Act 2001 to prohibit the advertising or promotion of specific superannuation products to new employees as part of that onboarding process—protecting workers from pressure or confusion at a time when they should simply be exercising informed choice.

These changes strengthen the right of employees to take their super fund with them—their fund for life—eliminating the problem of multiple accounts, duplicated fees, and unnecessary insurance costs. It also removes outdated clauses in industrial awards and enterprise agreements that restrict choice, ensuring that workers are never locked into underperforming or unsuitable default funds because of legacy arrangements.

Importantly, this reform recognises the role of employers. By streamlining processes through the Australian Taxation Office's existing digital infrastructure, employers will have a simpler, clearer system to manage superannuation contributions. For small and medium businesses, this means less paperwork, fewer administrative headaches, and greater compliance certainty. It's a balanced approach one that delivers employee empowerment without adding to employer burden.

The Bill also reinforces transparency and accountability within the superannuation sector. Funds will be required to give members more timely and accessible information about how their retirement savings are invested, what fees they're paying, and how their fund's returns compare to market benchmarks. A system built on openness and comparability helps Australians make informed decisions, holds funds to account, and lifts overall performance.

Deputy Speaker, the Bill extends beyond superannuation reform to include several other important, practical measures. It amends 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 in recognition of their temporary operations in Australia—a standard practice for international sporting events that supports our reputation as a global host nation.

It also amends the International Tax Agreements Act 1953 to give legislative authority to the new Convention between Australia and the Portuguese Republic for the elimination of double taxation and the prevention of tax evasion and avoidance. This strengthens our international tax cooperation, promotes cross-border investment, and protects Australian and Portuguese businesses from being unfairly taxed twice on the same income.

Further, it updates the list of deductible gift recipients under the Income Tax Assessment Act 1997 to reflect charitable organisations and initiatives that continue to deliver public benefit across our communities—ensuring that worthy causes remain supported through the generosity of Australians.

Finally, it amends the A New Tax System (Wine Equalisation Tax) Act 1999 to increase the maximum producer rebate claimable by eligible wine producers from $350,000 to $400,000 per financial year.

This provides tangible relief to small and medium winemakers, particularly in regional Australia, helping them reinvest, innovate, and remain competitive in both domestic and international markets.

Together, these complementary measures strengthen Australia's economic and policy framework—supporting worker choice, simplifying compliance, boosting transparency, promoting international cooperation, and backing local industry. They reflect an Albanese Labor Government committed to practical, balanced reform that benefits people, businesses, and the broader economy alike.

Deputy Speaker, this Bill is about more than technical amendments—it's about real outcomes for Australians. A young tradie no longer has to juggle multiple super accounts and can consolidate his savings across different employers. A nurse moving between hospitals can keep her trusted super fund. A local winemaker sees fairer support for their hard work. Even international sporting events and partnerships benefit from clearer, fairer tax arrangements that encourage investment and engagement.

These changes are introduced responsibly, with a transition period to allow employers, funds, and regulators time to adapt systems. The Treasury and the Australian Prudential Regulation Authority will continue working closely with industry, unions, and stakeholders to ensure smooth implementation. This consultative approach—deliberate, collaborative, and grounded in fairness—is how good policy is made.

Labor built Australia's superannuation system because we believe every worker deserves financial security in retirement—not just the wealthy or those with stable careers. From compulsory super to today's digital and governance reforms, we have continued to evolve a world-class system that safeguards the dignity of all Australians. With this Bill, we reaffirm that commitment.

Superannuation remains a powerful social and economic asset. Our $3.5 trillion national super pool doesn't just secure retirement; it underpins investment in infrastructure, innovation, and job creation—driving productivity and long-term national prosperity.

By making the system fairer, simpler, and more transparent, this Bill strengthens both individual outcomes and economic resilience.

When we get superannuation right, we don't just support retirees—we strengthen the entire economy. Trust is central to that success. Employers must trust that compliance is simple, and employees must trust that their savings are safe, performing, and working for them. This Bill builds that trust. It delivers choice without confusion, transparency without complexity, and progress without compromise.

Deputy Speaker, the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Bill 2025 is good, balanced policy—practical reform that delivers fairness, efficiency, and accountability. It ensures our superannuation system remains robust, our tax laws remain modern, and our workplaces, businesses, and communities remain supported for generations to come.

I commend the Bill to the House.

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