Sue Lines (President) | Link to this | Hansard source

PRESIDENT (): I will now deal with the Superannuation (Objective) Bill 2023. I will deal with the second reading amendment circulated by the opposition. The question is that the opposition amendment on sheet 2863 be agreed to.

Opposition's circulated amendment—

At the end of the motion, add ", but the Senate:

(a) notes that:

(i) the former Government delivered major reforms to superannuation that supported better member outcomes, better performance and transparent governance, and were driven by the clear understanding that superannuation is Australians' money,

(ii) the Prime Minister and the Treasurer promised no changes to superannuation prior to the election and the Prime Minister promised 'no major changes' to superannuation in February 2023, but have since broken that promise by introducing a new superannuation tax on unrealised capital gains, which is an unprecedented tax on unrealised capital gains that will hurt farmers and family businesses and force Australians to pay tax on money they have not earned,

(iii) the Government's failure to index their new superannuation tax means up to 2 million young Australians earning average wages today will face this doubled super tax; and

(b) calls on the Government to abandon its broken promise on taxing superannuation".

Question negatived.

The question is that this bill be now read a second time.

Question agreed to.

Bill read a second time.

I shall now deal with Committee of the Whole amendments circulated by Senator David Pocock. The question is that the Senator David Pocock amendments on sheet 2507 be agreed to.

Senator David Pocock's amendments—

(1) Clause 4, page 3 (after line 21), after the definition of objective of superannuation, insert:

registrable superannuation entity has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

(2) Clause 6, page 4 (after line 21), after subclause (3), insert:

(3A) Without limiting subsection (3), a statement of compatibility must include:

(a) modelling and analysis of:

(i) the short, medium and long-term distributional impacts of the Bill on retirement incomes (including demographic considerations) and the effect of these impacts on the compatibility of the Bill with the objective of superannuation; and

(ii) the long-term fiscal impact of the Bill on the sustainability of the retirement system; and

(iii) any impact the Bill may have on the investment decisions of registrable superannuation entities and the impact of any changes to investment decisions on the compatibility of the Bill with the objective of superannuation; and

(b) any relevant data, modelling or assumptions that have been relied on when preparing the statement of compatibility.

(3) Clause 7, page 5 (after line 15), after subclause (2), insert:

(2A) Without limiting subsection (2), a statement of compatibility must include:

(a) modelling and analysis of:

(i) the short, medium and long-term distributional impacts of the regulations on retirement incomes (including demographic considerations) and the effect of these impacts on the compatibility of the Bill with the objective of superannuation; and

(ii) the long-term fiscal impact of the regulations on the sustainability of the retirement system; and

(iii) any impact the regulations may have on the investment decisions of registrable superannuation entities and the impact of any changes to investment decisions on the compatibility of the regulations with the objective of superannuation; and

(b) any relevant data, modelling or assumptions that have been relied on when preparing the statement of compatibility.

(4) Page 6 (after line 22), after clause 7, insert:

7A Periodic reviews of changes to laws relating to superannuation

(1) The Minister must cause periodic reviews to be undertaken of changes to laws relating to superannuation as soon as practicable after the end of:

(a) the 5-year period following the commencement of this Act; and

(b) each subsequent 5-year period.

(2) Without limiting subsection (1), a review must consider the following matters in relation to all Acts and regulations relating to superannuation that commenced during the 5-year period to which the review relates:

(a) whether the impacts described in the statements of compatibility prepared in respect of:

(i) each Bill for an Act under subsection 6(1); and

(ii) regulations under subsection 7(1);

have been realised or are likely to be realised; and

(b) whether the operation of those Acts and regulations is compatible with the objective of superannuation.

(3) The persons who conduct a review must give the Minister a written report of the review.

(4) The Minister must table the report in each House of the Parliament within 15 sitting days of that House after receiving the report.