Division
Claire Clutterham I rise to speak in support of the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Bill 2025. This bill is comprised of six sections touching on a range of different reforms. Today I will speak in relation to schedules 1 and 2—two of those reforms—and how they reflect and further the objective of superannuation as set out in the Superannuation (Objective) Act 2024. The core purpose of this bill is to implement two policy measures to support the transition to payday super. Firstly, the bill amends the Superannuation Guarantee (Administration) Act 1992 to support employers to streamline the choice of fund process during employee onboarding. These amendments are intended to provide greater flexibility for when an employer or their agent may request details of an employee's stapled superannuation fund from the commissioner so that the employer or their agent can provide those details to the employee during onboarding to inform the employee's choice of fund. Secondly, this bill amends the Corporations Act to ban advertising of certain superannuation products to new employees as part of that onboarding process. Schedule 2 will commence on 1 July 2026. The ban under this schedule is intended to reduce the risk that employees are induced or influenced to choose a superannuation product that is not appropriate to their needs, or if it results in the opening of multiple unnecessary superannuation accounts during that onboarding process. There are many reasons why people have multiple superannuation accounts, and frequent job changes is one of them. It's not uncommon—around four million Australians have more than one—and, of course, you can if you want to. You might want to keep multiple insurance covers, increase your variety of investment options, or, if your super is a defined benefit fund, you might want to retain that benefit. However, there are well documented disadvantages, like paying more than one set of fees, having t
House of Representatives, 2026-03-02. negative: ayes 44, noes 96.
Question
Claire Clutterham I rise to speak in support of the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Bill 2025. This bill is comprised of six sections touching on a range of different reforms. Today I will speak in relation to schedules 1 and 2—two of those reforms—and how they reflect and further the objective of superannuation as set out in the Superannuation (Objective) Act 2024. The core purpose of this bill is to implement two policy measures to support the transition to payday super. Firstly, the bill amends the Superannuation Guarantee (Administration) Act 1992 to support employers to streamline the choice of fund process during employee onboarding. These amendments are intended to provide greater flexibility for when an employer or their agent may request details of an employee's stapled superannuation fund from the commissioner so that the employer or their agent can provide those details to the employee during onboarding to inform the employee's choice of fund. Secondly, this bill amends the Corporations Act to ban advertising of certain superannuation products to new employees as part of that onboarding process. Schedule 2 will commence on 1 July 2026. The ban under this schedule is intended to reduce the risk that employees are induced or influenced to choose a superannuation product that is not appropriate to their needs, or if it results in the opening of multiple unnecessary superannuation accounts during that onboarding process. There are many reasons why people have multiple superannuation accounts, and frequent job changes is one of them. It's not uncommon—around four million Australians have more than one—and, of course, you can if you want to. You might want to keep multiple insurance covers, increase your variety of investment options, or, if your super is a defined benefit fund, you might want to retain that benefit. However, there are well documented disadvantages, like paying more than one set of fees, having t
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