Tuesday, 25 August 2020
Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019; In Committee
I move my amendment (1) on sheet 8926 revised:
(1) Page 2 (after line 12), after clause 3, insert:
4 Review of amendments
(1) The Australian Prudential Regulation Authority (APRA) must conduct a review into the operation of the amendments made by this Act.
(2) Without limiting the matters that APRA may consider when conducting the review, the purpose of the review is to:
(a) identify any unintended consequences of the amendments made by this Act on the operation of defined benefits schemes, including the ongoing viability and profitability of defined benefits schemes; and
(b) consider whether amendments to the Superannuation Guarantee (Administration) Act 1992 or any other Act are necessary to rectify the unintended consequences identified under paragraph (a).
(3) In conducting the review, APRA must consult industry stakeholders.
(4) The review must be completed before the end of the period of 30 months beginning on the day this Act commences.
(5) APRA must give the Minister a written report of the review.
(6) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.
(7) In this section, Minister means the Minister administering the Superannuation Guarantee (Administration) Act 1992.
This amendment requires the Australian Prudential Regulation Authority to conduct a review into this legislation. The purpose of it, really, is to provide a safety net. It requires the review to look at any unintended consequences of this legislation and, if any unintended consequences are found—and I note that it requires consultation with stakeholders to form that particular view—to make recommendations to the minister as to how to rectify those unintended consequences. The review must be completed within 30 months of this legislation coming into effect. The report must be written and provided to the minister, and the minister must then table the report within 15 days of it being given to the minister.