Daniel Mulino (Fraser, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

Firstly, I would like to thank those members who have contributed to this debate. Given that I was in the chamber during most of his contribution, can I acknowledge the member for Adelaide's contribution and can I also acknowledge his longstanding support for our superannuation system. I want to acknowledge the member for Wentworth's contribution and proposed amendment of the superannuation related schedules of this bill. I acknowledge the member's advocacy in this important policy area and involvement in the government's Economic Reform Roundtable in August last year. I want to reassure the member that this bill recognises and strikes the right balance between choice, competition and safeguards to protect consumers when presented with advertised information.

I also acknowledge the now former shadow treasurer's proposed amendment relating to schedules 1 and 2 of this bill. The government will not be supporting the opposition's second reading amendment. In his remarks, the former shadow treasurer suggested the bill would restrict choice in superannuation and that this bill was part of a cynical plot to wedge the opposition. On both counts, he was wrong. With regard to schedule 1, the bill amends the Superannuation Guarantee (Administration) Act 1992 to streamline the superannuation choice-of-fund process during employee onboarding. 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 a stapled fund exists, the employer can provide those details to the employee during onboarding. This provides employees with more choice earlier in the onboarding process, not less, as suggested by the former shadow treasurer during his earlier remarks.

This amendment supports the government's commitment to empowering 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. It will also give employers more timely and accurate superannuation details, supporting their readiness for the government's payday super reforms.

With regard to schedule 2, it is important to provide context regarding the policy rationale for these changes. The Your Future, Your Super review 2022 uncovered inappropriate behaviour, where a software provider directed employees towards products that were associated with the provider. This was highly inappropriate. It lacked transparency and left employees vulnerable to being pushed into a product of a related entity, which may not have been in their best interests. Therefore, schedule 2 of the bill amends the Corporations Act 2001 to impose a ban on advertising superannuation products to employees during onboarding. 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. The condition to show an employee their stapled fund to advertise a MySuper product is an important consumer protection that will provide the necessary information and context to make a better informed decision. This amendment reinforces the government's commitment to supporting Australians to make an informed choice about their superannuation, while providing strong consumer protections.

Schedule 3 of the bill delivers on the government's commitment to support Australia's hosting of the Rugby World Cup 2027 for the men's competition and the Rugby World Cup 2029 for the women's competition by providing targeted tax exemptions to the entities responsible for delivering these major international events. These exemptions are consistent with those provided for other global sporting events hosted in Australia, including the 2023 FIFA Women's World Cup. They are essential to meeting our obligations to World Rugby and ensuring the successful delivery of these important tournaments. This measure reflects Australia's ongoing commitment to being a world-class host of international events that are part of Australia's broader sporting legacy leading into the Brisbane 2032 Olympic and Paralympic Games.

Schedule 4 of this bill amends the International Tax Agreements Act 1953 to give force of law to the tax treaty between Australia and Portugal. This treaty, the first of its kind between Australia and Portugal, is in our national interest. It will provide Australian individuals and businesses with increased opportunities to access capital and technology from Portugal by reducing tax on cross-border income and providing greater tax certainty. It will also facilitate labour mobility to strengthen our cultural ties with Portugal. Finally, the treaty builds on Australia's existing tax integrity measures, designed to combat international tax evasion and avoidance, ensuring multinationals pay their fair share of tax.

Schedule 5 to the bill amends the income tax law to specifically list the following organisations as deductible gift recipients: Coaxial Foundation Ltd, Community Foundations Australia Ltd, Equality Australia Ltd, Foundation Broken Hill Ltd, Partnerships for Local Action and Community Empowerment Ltd, Paul Ramsay Foundation Ltd, Social Enterprise Australia Ltd, St Patrick's Cathedral Melbourne Restoration Fund, Sydney Chevra Kadisha, the Great Synagogue Foundation and the Parenthood Project Ltd. The schedule also removes the following specifically listed entities: the Bradman Memorial Fund, Clontarf Foundation, NSCA Foundation Ltd, Sydney Talmudical College Association Refugees Overseas Aid Fund, the Australian Future Leaders Foundation Ltd, the Ranfurly Library Service Inc., the Roberta Sykes Indigenous Education Foundation and WA National Parks and Reserves Association Inc.

Schedule 6 to the bill will increase support available to all eligible wine producers under the existing wine equalisation tax producer rebate scheme from a cap of $350,000 per financial year to $400,000 from 1 July 2026. These changes deliver on the government's commitment to support the Australian wine industry as well as regional tourism, investment and job creation. I commend this bill to the House.

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