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representatives vote 2019-11-28#7
Edited by
mackay staff
on
2020-01-10 11:21:58
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Title
Bills — Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019; Second Reading- Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 - Second Reading - Stop MP Wilson from speaking
Description
<p class="speaker">Stephen Jones</p><p>Before I was interrupted yesterday, I moved a second reading amendment. I understand that the member for Moreton is very, very keen to second that amendment but has not yet done so.</p><p>Our superannuation system is a significant national achievement. It sits alongside the Pharmaceutical Benefits Scheme, Medicare and the National Disability Insurance Scheme as something that has made our nation stronger and something that all Australians are very proud of. Fifteen million Australians hold superannuation accounts. Most of these funds are performing pretty well: 16 per cent per annum average return over the last 10 years. There are around $2.8 trillion in assets—that's more than 140 per cent of gross domestic product. Under current settings, that will grow to $9.5 trillion by 2035, expanding the pool of funds available for investment in local infrastructure and a stream of earnings from foreign investments. It's also strengthening our current account balance. Under current policy settings, the median balance on retirement for full-time workers will be $310,000 for women and something approaching $630,000 for men—a gap that we need policy settings to close.</p>- The majority voted against the following [motion](https://www.openaustralia.org.au/debate/?id=2019-11-28.38.1) in respect of Goldstein MP [Tim Wilson](https://theyvoteforyou.org.au/people/representatives/goldstein/tim_wilson) (Lib):
- > *That the Member be no longer heard.*
- This means that Mr Wilson could continue to speak in this debate.
<p>Despite the low level of engagement, generally superannuation enjoys popular support. More than 91 per cent of Australians strongly support the superannuation system, a level of popularity that every member in this place could only hope for. That's a higher approval rating than the ABC's. The success and popularity of super does not mean it's perfect. We know there are issues that need to be dealt with, issues which demand the attention of government and industry. Unpaid superannuation totalling almost $6 billion per annum is one of those issues.</p><p>My deep concern, and the concern reflected in my second reading amendment, is that focus is being distracted away from these issues by the constant campaigning by members opposite to destroy our superannuation system, to undermine what we thought, going into the last election, was a bipartisan position that the legislated increases from 9.5 per cent to 12 per cent between 2021 and 2025 would persist. And yet we have a persistent noise, a persistent campaign being raised by in excess of 12 members opposite—we call them 'the dirty dozen'—who each takes home 15 per cent in superannuation, which is, for some reason, fair for them. It's very fair for members of this place to enjoy 15 per cent superannuation, but it's somehow unfair for the people who clean their offices, the people who work in this place, the people who struggle on part-time jobs to make ends meet to only receive 9½ per cent superannuation.</p><p>We call on the Prime Minister to bring these rebels into line. We call on him to bring these rebels into line, because nothing is undermining the success of superannuation more than the constant policy change and the constant noise coming from the members of the government who are saying: 'It does not matter that we went to the last election promising 12 per cent superannuation for Australian workers; that promise does not matter. We want to junk that in this term of office, and we want to ensure that everyone is frozen on nine per cent, so cutting their superannuation entitlements.' It's time for the Prime Minister to bring these rebels into line. I see the member for Hughes up there making a big noise. It's always the empty can that makes the most noise, and the member for Hughes makes a lot of noise indeed. He's at the frontline of the dirty dozen, saying, 'The people who clean my office are not entitled to the same levels of superannuation as I am.'</p> <p class="speaker">Craig Kelly</p><p>It's their money!</p> <p class="speaker">Stephen Jones</p><p>And he's right: it is their money, and he has no right to be campaigning to have their superannuation entitlements cut. We look forward to the battle. If they are saying to the Australian people, 'The promises that we took to the last election do not matter; we're going to turn them on their head and tear up the promise to stick by the legislated superannuation guarantee,' then we will join in battle with them, because a promise is a promise. You've torn it up, and we will ensure that that hangs around your head every day between now and the next election.</p> <p class="speaker">Rob Mitchell</p><p>Is the amendment seconded?</p> <p class="speaker">Graham Perrett</p><p>I second the motion and reserve my right to speak.</p> <p class="speaker">Tim Wilson</p><p>It's always a great privilege to follow the member for Whitlam, because every time he gets up and pontificates, with a hysterical and overacted performance of what he thinks he can prosecute in this parliament and the arguments he thinks are going to convince anybody, it is always the same argument, which is: the solution to the problem is more of him, not empowering millions of Australians.</p><p>This bill, the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019, is actually relatively straightforward. It honours the commitment we have made to make sure that we assist in making sure that Australians get paid their superannuation. That's critically important. The superannuation guarantee provides that people are paid their superannuation on time; that it is paid for, consistent with the law; and that everybody gets the money that they deserve. This piece of legislation makes sure that, where there has been a failure to honour the law, there's an amnesty in place for businesses to do the right thing. The amnesty is critical because many businesses who may have unintentionally done the wrong thing want to be brought into compliance. They want to have a pathway to solve the problem. We want workers to be able to get their superannuation and for the legislative environment to accommodate that purpose, rather than going on grandstanding objectives and tilting at windmills, as the member for Whitlam just did in his speech.</p><p>Critically, this legislation also makes sure we improve the integrity of the superannuation guarantee system, including through the expansion of the existing Single Touch Payroll. It's to make sure there's a pathway where any employer honours their obligations to workers and pays their superannuation contribution. It ensures there's clarity in the system, that workers can take confidence around the security of their superannuation balances and that people are paying their superannuation on time. The government has done this not just by providing legislative pathways to do so, but also by resourcing the Australian tax office to make sure there's compliance. There was an extra $133.7 million in last financial year's budget, and that has enabled a huge number of audits and processes to take place. That sits against the backdrop of the protecting your superannuation act, which commenced on 1 July this year. That act provides for a pathway to get people's superannuation contributions rolled into single accounts and reunited where people have a number of accounts.</p><p>On many levels, this legislation is critically important but, frankly, very administrative. But that doesn't change its purpose and intent, which is honouring the obligation that this government has made to workers across the country. It sits against the backdrop of the inquiry that the Standing Committee on Economics is running at the moment, in the implementation of the Hayne royal commission's recommendations in making sure that all financial institutions, banks, insurance, life insurance advice as well as superannuation funds are honouring the law.</p><p>Superannuation, more than anything else, is a foundation of trust: workers receive money to put towards their retirement, and when that money is put in trust for them, invested for their future, they come to rely on it for their future security. It's pretty straightforward, and that's why the inquiry we're running is so critical. And, I can report back to the House, as part of that journey and that process, that we have uncovered worrying trends. We talked before about the protecting your superannuation reforms package, where the Australian Taxation Office is reuniting accounts for many workers who have duplicate accounts or where their super money is sitting in low-balance inactive accounts. At the last hearing we heard lots of concerning stories about millions of accounts being rolled from inactive low-balance accounts, where they're just eating into by fees, and instead being rolled into eligible rollover funds by industry superannuation so that they can be reactivated.</p> <p class="speaker">Sharon Bird</p><p>The member will resume his seat. The member for Moreton?</p> <p class="speaker">Graham Perrett</p><p>I move:</p><p class="italic">That the Member be no longer heard.</p> <p class="speaker">Tony Smith</p><p>The question is that the member for Goldstein be no further heard.</p>
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