Thursday, 18 June 2020
Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019; In Committee
(1) Schedule 1, page 3 (before line 5) , before the heading specifying Superannuation Guarantee (Administration) Act 1992, insert:
Fair Work Act 2009
1A At the end of section 187
Requirement relating to restrictions of choice of superannuation fund
(7) If the agreement includes a restriction on the choice of superannuation fund or funds available to employees, the FWC must be satisfied that the restriction is in the interests of the employees who will be covered by the agreement.
(8) For the purposes of considering whether the restriction is in the interests of the employees, the FWC must consider:
(a) the extent to which the employers who will be covered by the agreement have complied, or are likely to comply, with the requirements of the Superannuation Guarantee (Administration) Act 1992 ; and
(b) the features of the proposed default superannuation fund or funds, including matters such as insurance; and
(c) any other relevant matters.
This amendment relates to the Fair Work Act and Fair Work Commission consideration of what is in the best interest of employees. I went through Labor's thinking about this proposition in my speech on the second reading, and I don't intend to canvass all of those arguments again. Labor supports, in principle, the important role of collective bargaining in Australia's industrial relations system. Workers are better off as a result of collective bargaining. Labor is moving an amendment to the bill to include a provision that allows for workers to bargain for a single fund or set of funds where it is determined by the Fair Work Commission that it is in their best interests.