Tuesday, 25 August 2020
Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019; In Committee
I wish to indicate that Labor also will support the amendment. The committee did hear evidence, from a range of stakeholders who were in a position to know, that the scheme proposed by the government would hurt defined benefit schemes. The small number of witnesses who were in a position to tell us about that were unequivocal in saying that was the case. We believe there will be detrimental effects to defined benefit schemes and we support a review, but the fear, of course, is that it will be too little, too late and that, in fact, the damage will have been done by this needlessly partisan intervention into a perfectly functioning super scheme. Nonetheless, we support the amendment proposed by Senator Patrick.