Mary Doyle (Aston, Australian Labor Party) Share this | Hansard source

I rise to speak on the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Bill 2025. Without a doubt, Labor is the party of superannuation. This bill is yet another step that our government has taken to strengthen a system that delivers on its purpose of providing income for a dignified retirement. Schedule 1 streamlines the choice of fund process so workers can see and consider their existing stapled fund when they start a new job. This will help reduce duplicate accounts that erode retirement savings through unnecessary fees and insurance premiums. The Albanese Labor government is of the strong belief that Australians deserve to make an informed choice about their superannuation. Earlier access to stapled fund details means employees can make that choice with confidence and employers have the right information to support our government's payday super reforms.

Schedule 2 introduces a targeted ban on superannuation advertising during onboarding. This is a key moment for employees, and they should be able to engage with their super in a safe and informed way, free from inappropriate pressure on all product promotion. Limited exceptions ensure workers can still see their stapled fund, the employer's default fund or a regulated MySuper product, keeping the focus on transparency, not sales tactics.

These reforms build on our government's broader work to strengthen super—legislating the purpose of super, lifting the super guarantee to 12 per cent, boosting the low-income super tax offset, or LISTO as it's become known, and paying super on paid parental leave. The Albanese Labor government has implemented major reforms to ensure funds deliver for their members, from the financial accountability regime and stronger reporting standards to expanding the performance test from around 80 products to more than 800. Together with payday super, these reforms will help make sure Australians earn more, keep more of what they earn and retire with more.

The comparison could not be clearer. Those opposite, every time they were elected to government, going back to the Howard years, delayed the super guarantee and undermined the foundations of our world-class retirement system. However, on this side of the House, our government is strengthening superannuation and making it more sustainable so it can deliver a decent retirement for Australian workers. This government is proud of Australia's superannuation system. We are especially proud of its history, particularly our industry super—how the Labor movement fought for a fair retirement system for all workers and how the Labor Party brought superannuation to all workers via the super guarantee back in the early 1990s, which was when I began my working career, so it was not just the upper echelons of corporations, the senior managers and CEOs, who benefited from superannuation any more, oh no. Our super system has been our best financial success story and the envy of the world. You know who else we are proud of? The many workers around this country that our super supports. And I am proud to be a part of a government that is ensuring it continues to deliver for generations to come.

Schedule 1 to the bill, employee onboarding reforms, amends the Superannuation Guarantee (Administration) Act 1992 to streamline the superannuation choice of fund process during employee onboarding. Australians deserve to make an informed choice about their superannuation fund when they start a new job. This amendment provides greater flexibility for employers or their agents to request an employee's existing stapled fund details from the ATO earlier in the onboarding process. That way, if the stapled fund exists, the employer can provide those details to the employee during onboarding to help inform their choice of fund. This amendment supports the government's commitment to empower employees to make informed choices by making it easier to see, consider and select their existing super fund when they start a new job, if they choose to do so. This will reduce unintended duplicate accounts, which can erode retirement savings through duplicate fees and insurance premiums. Duplicate fees add up and can mean thousands and thousands of lost retirement earnings over years of a worker's career. This will give employers more timely and accurate superannuation details, supporting their readiness for the government's payday super reforms.

Schedule 2 is the ban on advertising superannuation funds during onboarding. Schedule 2 to the bill amends the Corporations Act 2001 to impose a ban on advertising superannuation products to employees during onboarding with certain exceptions, of course. Australians deserve protection from inappropriate advertising when they provide their superannuation details to an employer during the onboarding process. This amendment introduces a ban on advertising superannuation products to an employee specifically at the point of the employee onboarding when starting a new job. This is a key moment when employees engage with their superannuation, and they should be able to do so in an informed and safe way. Exceptions will be available for showing employees their stapled fund, the employer's default fund and certain MySuper products, which are subject to strict regulation. This amendment reinforces the government's commitment to supporting Australians to make an informed choice about their superannuation, while also providing strong consumer protections. It will protect employees from being unduly influenced to make uninformed decisions, open inappropriate products and unintentionally create duplicate accounts.

Schedule 3 contains an income tax and withholding tax exemption for the Rugby World Cups. Schedule 3 delivers on our commitments and honours Australia's obligations to world rugby as part of our successful bid to host the 2027 men's and women's 2029 Rugby World Cups. It ensures we remain a trusted and competitive host for major international sporting events. The tax exemptions are strictly limited to income directly related to the delivery of the events, and apply only between 1 July 2023 and 30 June 2031. This is not a blanket exemption. It is a focused measure with clear boundaries. Hosting both these Rugby World Cups will generate jobs, boost tourism and deliver long-term benefits to local communities, including increased participation in sport, especially among women and girls. Similar exemptions were provided for the 2023 FIFA Women's World Cup and for the 2020 ICC T20 World Cup. This measure follows a well-established approach to supporting international sporting events in Australia. This measure fulfils Australia's commitments to world rugby as part of our successful bid to host the 2027 and 2029 Rugby World Cups. These events are part of Australia's broader sporting legacy, leading into the Brisbane 2032 Olympic and Paralympic Games. This measure will help ensure their success and maximises their national impact.

Schedule 4—the Portuguese convention. Schedule 4 of this bill amends the International Tax Agreements Act 1953 to give force of law to the tax convention between Australia and Portugal, which was signed on 30 November 2023. This convention is the first of its kind between Australia and Portugal and it will provide avenues to support closer bilateral linkages with Portugal, particularly in the areas of commercial trade, investment and innovation. It will do so by reducing withholding tax rates on dividends, interest and royalties, which will reduce tax disincentives to investment and the cost of business of accessing foreign capital. The convention will also reduce compliance costs for taxpayers and improve certainty for individuals and businesses that have dealings in Australia and in Portugal by determining the allocation of profits from cross-border dealings between the two countries. The convention will add to the attractiveness of Australia as an investment destination.

Finally, the convention supports the government's plan to make multinationals pay their fair share of tax and strengthens the integrity of the tax system. It helps prevent tax evasion and avoidance by providing mechanisms for the tax authorities to exchange information and provide assistance in the collection of tax debts.

Schedule 5 to the bill refers to deductible gift recipients' specific listings, which encourages philanthropic giving and supports the not-for-profit sector, as donors may claim in tax income tax deductions for donations to organisations with DGR status. Removal of specific listings is necessary to maintain trust and integrity in the administration of tax concessions that can be accessed for not-for-profits that have DGR status.

And finally, schedule 6 to the bill will increase support for wine producers under the existing wine equalisation tax producer rebate scheme from 1 July 2026 by increasing the rebate cap of $350,000 to $400,000 per financial year. Schedule 6 will support approximately 3,000 wine producers.

This is evidence of, yet again, our government taking strong action to strengthen superannuation and ensuring that it delivers on its purpose of providing income for a dignified retirement. I commend this bill to the House.

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