edited
14th Mar 2019
Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 - in Committee - Labor amendments
Not passed by a small majority
No rebellions 83% attendance
14th Feb 2019, 7:36 PM – Senate Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 - in Committee - Oppose the items
Summary
EditThe majority voted against a motion to keep particular items in the bill unchanged, which means those items were successfully opposed.
Which items were opposed?
(6) Schedule 2, item 1, page 12 (line 6) to page 14 (line 24), sections 68AAB and 68AAC, TO BE OPPOSED.
(14) Schedule 2, items 4 and 5, page 17 (line 23) to page 19 (line 35), TO BE OPPOSED.
These items deal with low-balance accounts and members under 25 years of age.
What does the bill do?
According to the bills digest:
The Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 contains three Schedules, the purpose of which is to make amendments to the [Superannuation Industry (Supervision) Act 1993] and the [Superannuation (Unclaimed Money and Lost Members) Act 1999] to:
limit the amount of fees that can be charged by a trustee of a superannuation fund for MySuper or choice products to three per cent of the balance of the account if the balance is less than $6,000
prohibit superannuation funds and approved deposit funds from imposing exit fees when a member disposes of all or part of their interest in a fund
prevent superannuation funds from providing insurance such as death, total and permanent disability or income protection insurance on an opt-out basis where:
the member is under the age of 25 years and begins to hold a new superannuation account on or after 1 July 2019
the member’s account balance falls below $6,000 or
the member’s account has not received a contribution for 13 months and is inactive
require retirement savings account providers and superannuation providers to pay the balance of MySuper or choice accounts to the Commissioner of Taxation, where the account is inactive and the balance is less than $6,000 and
require the Commissioner to consolidate any amounts received into a person’s superannuation account that will have a balance of $6,000 or more once consolidated.
Votes Not passed by a large majority
Nobody rebelled against their party.
| Party | Votes | |
|---|---|---|
| Cory Bernardi SA Australian Conservatives | Yes | |
| Australian Greens (100% turnout) | 0 Yes – 9 No | |
| Richard Di Natale Victoria | No | |
| Mehreen Faruqi NSW | No | |
| Sarah Hanson-Young SA | No | |
| Nick McKim Tasmania | No | |
| Janet Rice Victoria | No | |
| Rachel Siewert WA | No | |
| Jordon Steele-John WA | No | |
| Larissa Waters Queensland | No | |
| Peter Whish-Wilson Tasmania | No | |
| Australian Labor Party (76% turnout) | 0 Yes – 19 No | |
| Catryna Bilyk Tasmania | No | |
| Doug Cameron NSW | No | |
| Kim Carr Victoria | No | |
| Anthony Chisholm Queensland | No | |
| Patrick Dodson WA | No | |
| Don Farrell SA | No | |
| Alex Gallacher SA | No | |
| Kristina Keneally NSW | No | |
| Chris Ketter Queensland | No | |
| Kimberley Kitching Victoria | No | |
| Jenny McAllister NSW | No | |
| Malarndirri McCarthy NT | No | |
| Claire Moore Queensland | No | |
| Deborah O'Neill NSW | No | |
| Helen Polley Tasmania | No | |
| Louise Pratt WA | No | |
| Lisa Singh Tasmania | No | |
| David Smith ACT | No | |
| Murray Watt Queensland | No | |
| Carol Brown Tasmania | Absent | |
| Jacinta Collins Victoria | Absent | |
| Gavin Marshall Victoria | Absent | |
| Glenn Sterle WA | Absent | |
| Anne Urquhart Tasmania | Absent | |
| Penny Wong SA | Absent | |
| Centre Alliance (100% turnout) | 2 Yes – 0 No | |
| Stirling Griff SA | Yes | |
| Rex Patrick SA | Yes | |
| Nigel Scullion NT Country Liberal Party | No | |
| Derryn Hinch Victoria Derryn Hinch's Justice Party | No | |
| Sue Lines WA Deputy President | No | |
| Steve Martin Tasmania Independent | No | |
| Tim Storer SA Independent | No | |
| Fraser Anning Queensland Independent | Absent | |
| David Leyonhjelm NSW Liberal Democratic Party | No | |
| Liberal National Party (100% turnout) | 0 Yes – 2 No | |
| Matthew Canavan Queensland | No | |
| James McGrath Queensland | No | |
| Liberal Party (77% turnout) | 0 Yes – 17 No | |
| Simon Birmingham SA | No | |
| Slade Brockman WA | No | |
| Richard Colbeck Tasmania | No | |
| Mathias Cormann WA | No | |
| Jonathon Duniam Tasmania | No | |
| Concetta Fierravanti-Wells NSW | No | |
| Mitch Fifield Victoria | No | |
| Lucy Gichuhi SA | No | |
| Jane Hume Victoria | No | |
| Ian Macdonald Queensland | No | |
| Jim Molan NSW | No | |
| James Paterson Victoria | No | |
| Linda Reynolds WA | No | |
| Anne Ruston SA | No | |
| Zed Seselja ACT | No | |
| Dean Smith WA | No | |
| Amanda Stoker Queensland | No | |
| Eric Abetz Tasmania | Absent | |
| Michaelia Cash WA | Absent | |
| David Fawcett SA | Absent | |
| Marise Payne NSW | Absent | |
| Arthur Sinodinos NSW | Absent | |
| National Party (67% turnout) | 0 Yes – 2 No | |
| Bridget McKenzie Victoria | No | |
| John Williams NSW | No | |
| Barry O'Sullivan Queensland | Absent | |
| Pauline Hanson's One Nation Party (0% turnout) | Absent | |
| Peter Georgiou WA | Absent | |
| Pauline Hanson Queensland | Absent | |
| Scott Ryan Victoria President | No | |
| Brian Burston NSW United Australia Party | No | |
| Totals (80% turnout) | 3 Yes – 57 No |
Turnout is the percentage of members eligible to vote that did vote.