Warren Snowdon (Lingiari, Australian Labor Party, Minister for Defence Science and Personnel) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

The ComSuper Bill 2011 is part of a package of bills to improve and modernise the governance arrangements for the main Commonwealth civilian and military superannuation schemes.

This bill will establish ComSuper and provide that it is a statutory agency for the purposes of the Public Service Act 1999 consisting of a chief executive officer (CEO), as head of the agency, and staff. The bill will also provide that ComSuper will be a prescribed agency for the purposes of the Financial Management and Accountability Act 1997.

The bill will modernise the governance structure of ComSuper as a statutory agency, and clarify ComSuper’s functions. The government’s decision to improve superannuation administration was made with the aim of improving service levels for current and former members.

The function of the CEO will be to provide administrative services to the Commonwealth Superannuation Corporation (CSC), which will be established as the trustee of the main Australian government civilian and military superannuation schemes from 1 July 2011 by the Governance of Australian Government Superannuation Schemes Bill 2011. The CEO will be responsible for providing administrative services to CSC.

The CEO will be appointed by the Minister for Finance and Deregulation in consultation with the Minister for Defence.

Overall, the implementation of the bill will better secure the superannuation arrangements for Commonwealth civilian employees and military personnel for the long term. The bill reflects the government’s ongoing commitment to provide efficient and sustainable superannuation arrangements for Commonwealth employees and military personnel.

Debate (on motion by Mr Turnbull) adjourned.