Daniel Mulino
Fraser · Australian Labor Party · Australia
“Second, the amendments introduce a mechanism for merger parties to seek extensions from the ACCC for the period in which they can put an approved acquisition into effect. The extensions can be up to six months each. Multiple extensions may be granted.”
“The reforms complement a broader suite of government reforms to strengthen integrity and accountability across the tax system and professional services sector.”
“The bill also establishes criminal and civil penalties and provides information gathering and enforcement powers to regulators to support compliance. Together, these powers create a coherent framework to support the continued availability and long-term viability of cash as a means of payment in Australia.”
“These amendments also reflect the government's commitment to listening and responding to stakeholder experiences to ensure the merger regime continues to promote competition and economic activity in the interests of Australians.”
“The second enables the ACCC to oversee designated entities, including fair and efficient pricing of cash distribution services, which is essential to maintaining access to cash. ACCC oversight will support fair, transparent and reasonable pricing outcomes, while helping maintain the long-term economic viability of the sector.”
“It also enables up to $400 million in funding support to ensure the continuity of critical cash distribution services. Funding support is intended as a last resort, limited to situations where an entity's resources and recovery tools are insufficient to address losses or threats to cash availability.”
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“The ACCC has also urgently authorised fuel suppliers to coordinate supply with conditions that prioritise independent distributors and protect fuel access for regional communities. We are strengthening competition across the economy, from cracking down on unfair trading practices in the supermarket sector and strengthening unit-pricing laws to investing in food security in remote communities. We know many people are doing it tough. That's why we're working to ensure Australian consumers, no matter where they live, benefit from fairer prices, more transparent markets and stronger competition across the entire economy. (Time expired)”
“The government is also directing the ACCC to step up weekly fuel-price monitoring and working with industry to boost fuel supply, including supporting ACCC authorisation to coordinate supply where needed. The ACCC have held an emergency meeting with fuel companies, pressing them to explain recent rapid price increases and provide detailed supply-chain information that the ACCC will now scrutinise. The regulator again warned the sector against any collusive, anti-competitive or misleading conduct. On 19 March, the ACCC launched an enforcement investigation into alleged anti-competitive conduct by Ampol, BP, Mobil and Viva Energy following reports about diesel availability for independent wholesalers in regional and rural areas.”
“This includes two further tax cuts for every Australian taxpayer, cutting student debt, cheaper medicines, cheaper child care and making it easier and more affordable to see a doctor. We're also backing increases to minimum and award wages, delivering cheaper energy and free TAFE and boosting government funded paid parental leave. Our plan is about easing the cost-of-living pressures now while also building stronger, fairer and more competitive markets for the future. On 11 March, the Treasurer, the Minister for Climate Change and Energy and the Assistant Minister for Productivity, Competition, Charities and Treasury announced a major consumer protection package, doubling penalties for false or misleading conduct and cartel behaviour to $100 million per offence. This is a tenfold increase since we came to government.”
“I thank the member for McEwen for his question, and I acknowledge his long history in the transport sector and his advocacy for that sector and the workers in it. The Albanese government is firmly focused on protecting Australian consumers and maintaining economic stability at a time of heightened global volatility. Australia enters this period from a position of strength. Our economy is resilient, our banking system is well capitalised and we are well placed to withstand the impacts of volatile global markets. We know that many Australians are under pressure, in particular given recent shocks to energy prices, which is why our government continues to roll out responsible, targeted cost-of-living relief.”
“On issue after issue, when it comes to family security, individual security, this government has backed in sensible economic development, jobs growth and then all sorts of measures for cost-of-living support that time and time again, those opposite vote against or campaign against, yet they come into this place with an MPI that suggests that somehow they're the champions of people's economic security. It just flies in the face of what has happened over the course of the last term and this term, and it flies in the face of what those opposites say. So this government stands up for fuel supplies, for affordable energy and for economic security.”
“This government believes in supporting jobs growth while at the same time responsibly managing the economy. One of the first thought bubbles from the new shadow Treasurer was to say that the Reserve Bank shouldn't have a dual mandate and that we should explore dropping employment growth and full employment from the Reserve Bank's mandate. I'm not sure where that is yet. Nobody else senior on the opposition backed that idea in, but it certainly hasn't totally gone away.”
“It's about payday super, making sure that the over $5 billion that isn't going into people's accounts, primarily people in vulnerable jobs and low-paid workers, goes into people's accounts and supports their dignity in retirement. But it's also about the LISTO, the low income superannuation tax offset, a really important bill that's going to pass the Senate today with the support of the government and the Greens. But those opposite are opposing it because their rationale is to give bigger tax breaks to those with $10 million accounts and no extra support for LISTO. Economic security is about having a good job. This government has seen inflation come down, but we've achieved that while supporting 1.2 million jobs being developed in the economy, and that's incredibly important for individuals and families right across our society.”
“People seeing doctors, not having to go to emergency departments and being able to bulk-bill it is providing security to Australian families right now. Economic security is also about your job and your training. That's why this government promised a 20 per cent cut to HECS, and that's what we delivered in the first bill introduced into this chamber. That's why we're delivering paid prac. The Minister for Education gave such a powerful example of that in his answer in question time today about a nursing student who is going to be able to pay for an Uber to go home after a shift finishing at midnight rather than having to contest with public transport. Economic security is about dignity in retirement, and there are so many areas that this government is delivering. The Treasurer spoke about this in question time today.”
“Those opposite, at the last election, campaigned against those two rounds of tax cuts for every Australian taxpayer. They promised they would come into this place and undo them. It's not clear where they stand on that now. What about the economic security of owning your own home? We went to the last election promising to help more Australians into homes with an expansion of the five per cent deposit for first home buyers, which is something we've delivered. Economic security is about security in your health care, and this government is delivering more access to bulk-billing. We're already seeing the results of that flowing through. We're delivering on more urgent care clinics. I've got two operating and being heavily utilised in my own electorate.”
“It is really quite remarkable for those opposite to come in here with an MPI on affordable energy when all of the economic modelling makes clear that an orderly transition is the best way forward. Those opposite seem to have gone from a bad policy last election to an even worse one this time based on nothing other than a populist whim. Finally, I'd like to talk about economic security for Australia's families and businesses. Again, the contrast at the last election couldn't have been clearer. We went to the last election promising a tax cut for every Australian taxpayer—two tax cuts for every Australian taxpayer, after having already delivered one, and there will be one delivered in this upcoming budget and one the one after.”
“It would see more jobs, it would see higher paid jobs, and, critically, it would see significantly lower wholesale electricity prices with an orderly transition. But what's perhaps most scary when it comes to the energy transition, which those opposite seem so averse to, is that what's even worse than a disorderly transition is one other option they looked at, and that's no transition. So those opposite, after having essentially taken a disorderly transition to the last election, have, during the course of this term, chosen to go to no transition. Their big policy development in this space, this term, has been to abandon any targets—to abandon net zero by 2050. So we go to an even worse position, based on the Treasury modelling.”
“When it comes to affordable energy, I just turn to recent modelling. When it comes to the transition that this nation needs to go through, recent modelling by Treasury compares an orderly transition and a disorderly transition. Anybody that's familiar with macroeconomics knows that orderly transitions are transitioning earlier rather than all at the last minute and would expect that it would be better to have an orderly transition, but what Treasury has done in a rigorous and comprehensive way is to actually quantify the difference. What Treasury found was that, by 2050, if the economy goes through an orderly transition as opposed to a disorderly transition, an orderly transition would see an economy that is $2 trillion larger. An orderly transition would see per capita GDP $4½ thousand higher.”
“When it comes to petrol, the Treasurer has asked the ACCC to closely monitor fuel-pricing behaviour to ensure that international events are not used as an excuse for excessive price increases, for price gouging. Not only has the Treasurer done that, but this government has put in place very significant penalties for such behaviour that breaches Australian Consumer Law. So, when it comes to fuel supply, it's important to point out that the national fuel supply is in good shape and that our stockpiles are in good shape and, in fact, at 15-year highs but that, yes, the government is going to work through with stakeholders, as we did today through three senior ministers meeting with stakeholders. The government will work through with stakeholders to manage some of those local issues.”
“This is exactly the kind of proactive engagement that is appropriate at this time to understand the local contours of these issues and to understand the issues sector by sector. And it's exactly through that kind of engagement that the feedback to the minister has been on the whole that what we need to do is to make clear to people that they shouldn't be purchasing more than they need, that they shouldn't be purchasing double or triple their normal usage. That's the message we should be getting out responsibly, both through the government and through key stakeholders. In fact, it should be the message that the opposition is getting out there, but, for political reasons, clearly that's not the case. It's also important that we look at what the government is doing when it comes to the retail side of this.”
“It's not an issue of national supply levels, and that is very important. The government has made clear that this is an international crisis, and the important obligation on the government's part is to make sure that our international supplies are maintained and that our stockpiles are maintained, and that is exactly what is happening. When it comes to what's happening to industry, when it comes to what's happening to some of these localised areas where there are difficulties in obtaining access to diesel, the minister has convened the National Oil Supplies Emergency Committee. It's in fact met on a number of occasions. The minister for energy, the minister for agriculture and the minister for industry convened a roundtable just today in order to engage with industry.”
“It is really important to get that out there. It's important to clarify that, across petrol, jet fuel and diesel, Australia is achieving its minimum petrol stockholding obligations. In relation to petrol, we have 36 days supply, 1.56 billion litres currently in stockpiles. In relation to jet fuel, we have 32 days supply. In relation to diesel, we have 34 days supply, and we have 35 days supply of urea. It's really important to clarify that, at that national level, Australia is achieving what it needs to. As the minister indicated in question time, we're not denying that in some local areas there are difficulties for some customers and some businesses in obtaining diesel. That is something which the minister made very clear. But what we need to understand is that that is an issue of spikes in demand, particularly in local areas.”
“I must say this is a bit of a catch-all MPI today with a wide range of topics. But, notwithstanding its breadth and the fact there are a whole range of moving parts here, on every single one of the moving parts we have a very good example of areas where the government is making significant progress on behalf of the Australian population and one where the policies of those opposite, both when they were in government and currently2, are in stark contrast. I'll start with fuel supplies. It's one where there is a great deal of misinformation, and I think it's absolutely critical to put out there from the outset that Australia is facing solid fuel supplies. Our national fuel supply is in good shape. The shipping that is meant to arrive is arriving, and Australia is achieving its minimum petrol stockholding obligations.”
“What we're saying is that there are some welcome overall numbers. There is some welcome growth. For those who are doing it tough, we will continue to provide supports. We will continue to support Medicare to roll out urgent care clinics. We're going to continue to deliver the tax cuts that we promised at the last election and that we delivered in the previous term, against opposition from those opposite. We won't take lectures from people who delivered such shocking outcomes when they were in government and who oppose every single support that we bring into this place.”
“Again, an absolutely key element of standards of living, of our supports for those who need it most, is the fact that 1.2 million jobs have been created in this economy since we've come to office. Unemployment remains low by historical standards and workforce participation remains at near record highs. This is an economy that has, in the last national accounts, performed well on some key metrics of standards of living. Real per capita disposable income is up two per cent over the last year. I remind the House that it was down 1.5 per cent on the last reading when the Liberals were in office. That was after a decade of shocking productivity growth, a decade of low, sclerotic wage growth by design. No-one on this side of the House is suggesting that everyone's doing it easy. No-one's putting the Mission Accomplished banner up.”
“We've expanded paid parental leave to 24 weeks, with super now paid on that, improving both immediate family finances and long-term retirement outcomes. We've improved supports in superannuation on a range of fronts, including legislation passed in this chamber today, through LISTO supports, which would see hundreds of thousands of Australians get increased support to their super accounts. Those opposite voted against that earlier today. It's appalling. Under Labor's new three-day guarantee, every child who needs it is eligible for three days of subsidised early learning each week, no matter what their parents do. This means that 100,000 more families are eligible for three days of subsidised early learning.”
“We know that getting people into a home that they own is absolutely critical. That's why we have provided support to more Australians through expanded access to the five per cent deposit scheme for first home buyers. What was their approach? As with every other cost-of-living support that I've mentioned, they opposed it. That's not all the government's doing. We cut 20 per cent off student debt, helping graduates and students right across this country. We're making sure that more students get paid while they do their prac. It's a really critical cost-of-living support for many. If you're studying to be a nurse, a teacher, a social worker or a midwife, you can now get paid while you do your placement.”
“We know how important universal health care is for quality of life. We know how important supports are in that area for people's cost-of-living relief. We have expanded bulk-billing support so that more people can see a GP for free. We have substantially increased funding for urgent care clinics. In my own electorate I've seen two urgent care clinics open, supplying healthcare services for those who need them most, with extended hours and with bulk-billing supplied support. This is something which is being rolled out right around the country. Those opposite opposed it. We've supported cheaper medicines. Again, that's something that was opposed by those opposite. Those opposite have attacked those supports at every chance. They are incredibly important supports for people who are doing it tough.”
“He said that we need to look at tax rates but focus on the top rate. So, the contributions from the shadow Treasurer to date, if they are an indication of where the opposition is going, are a matter of great concern to the average Australian household. Let's look at their approach over the last four years compared to our approach. They talk a big game about the cost of living, but, whenever they have the chance to act, they vote against cost-of-living supports. On this side of the House, we want Australians to keep more of what they earn. We have already delivered tax cuts for every Australian taxpayer. We will be delivering more tax cuts in the upcoming budget, as per our election commitment, and in the budget after that. Those opposite opposed that. Those opposite campaigned at the last election to reverse those tax cuts.”
“In the shadow Treasurer's speech there were dramatic pauses followed by quite melodramatic rhetoric on a range of fronts. But let's look at what his contribution has been since taking office—or taking his role, rather. He's not taken office, fortunately! He has focused on attacking the dual mandate of the RBA. What would the result of that be? He specifically said that we should explore taking from the RBA its dual mandate of reducing inflation while seeking full employment and have it just focusing on the former. That would see more people thrown on the unemployment heap. This is something that the Australian people would be very interested to hear explained by those opposite. Is it really their policy now that the RBA should target inflation more aggressively and, in so doing, put more people on the unemployment heap?”
“That measure went backwards 1.5 per cent in the quarter before this government came into office. Those opposite left us with real per-capita disposable household income going backwards. Now, it has grown at two per cent over the past year. If we look at where Australia stands in the world on that really critical measure, it's double the rate of growth of the G7. According to the last national accounts, the overall measure of growth is up by the highest rate in almost three years, and real per-capita disposable income is up at a rate that is very favourable globally compared to the average across the G7. Again, when you look at the last election, those opposite went to the last election with an economic plan for higher taxes, for banning people from working from home, for greater deficits and for higher debt.”
“That includes ongoing recovery in the private sector. That includes 2.6 per cent growth annualised, which is the strongest in almost three years. These are very encouraging numbers that are a robust foundation from which we can confront intense global economic volatility, made worse by conflict that we are seeing overseas. I repeat: we know that there are many households who are doing it tough, and that's why we have all of the supports that we have put into place, but these numbers are welcome. What I would also stress that we look at in the last national accounts is the fact that real per-capita disposable income rose by 0.6 per cent in the last quarter—2.0 per cent over the last year. This is a key measure of living standards for households. Again, the contrast with what those opposite left us couldn't be more stark.”
“We know that there are many families who are working hard and whose budgets are tight, and that global uncertainty does weigh on the Australian economy. That's why we have implemented so many supports for families and individuals throughout our time in government—supports that, over the last term and this term, those opposite have opposed every step of the way. Indeed, I might say—and I'll build on this during the contribution—that those opposite campaigned against so many of those supports at the last election. Those opposite campaigned to lift taxes on every Australian taxpayer. Those opposite campaigned for higher taxes, for higher deficits and for bigger debt. When we look at the last national accounts—and I think that it's critical that we do so—what we see is that the economy is exhibiting strong, broad based growth.”
“I must say, the shadow Treasurer in his time in that role has made a real art form of the dramatic pause. But what follows doesn't justify that pause. It's a real anti-climax. When we look at what those opposite left us, it was a decade of shocking productivity growth—the worst decade of productivity growth that we had seen in this country for half a century. What we also saw was shocking real wages growth that was low by design. Senior members of those opposite's cabinet in that last period of government had conceded that that was what they were intending to deliver. So it is a bit rich for those opposite to come in here today and lecture anybody on the cost of living or economic management. We know that there are many Australians who are doing it tough.”
“I indicate to the House that the government undertook extensive consultation over a long period of time—multiple rounds of consultation with many stakeholders across the industry and experts—and we believe that the design of this bill best reflects all of that consultation in achieving the outlined policy goals.”
“The government opposes the proposed amendment. I'm advised by my department that the amendment would raise significant constitutional issues, as it seeks to introduce a new condition of release before retirement, allowing withdrawals for amounts exceeding the large-balance cap. Such a condition of release would be inconsistent with the constitutional support for the Commonwealth regulation of superannuation, as the condition of release would compel or authorise a trustee to provide benefits unconnected with purposes for superannuation regulation. Importantly, the proposed reforms will maintain concessional tax treatment of superannuation for all individuals but make the concessions more sustainable. These are sensible, important reforms that will mean super tax concessions are better targeted for large balances.”
“The government opposes the proposed amendment. The legislation is about making the superannuation system fairer from top to bottom. The amendment would effectively mean that pre-existing interests would not be subject to the policy, which is inconsistent with the policy intent. This bill is already designed to apply only to future earnings, including by providing capital gains tax adjustments for APRA funds and self-managed super funds, or SMSFs, for pre-commencement capital gains. This is just another attempt by the opposition to undermine a stronger and fairer superannuation system.”
“This bill delivers more help to low-income workers, makes concessions fairer and protects the long-term sustainability of the system on which millions of Australians rely. I commend the bill to the House.”
“Let me put this into perspective: there are 14 times as many people who will benefit from the boost to LISTO as there are Australians with over $3 million in super. This is fairness in action. These reforms, of course, are part of a much broader agenda. Since coming to office, Labor has strengthened the superannuation system in multiple ways. We are paying superannuation on paid parental leave for the first time, we've introduced payday super to ensure contributions are paid on time and we have increased the superannuation guarantee to 12 per cent, alongside legislating the objective of superannuation itself. Labor built Australia's superannuation system, and we remain committed to ensuring it continues to deliver for future generations—stronger, fairer and more sustainable than before.”
“In 2027-28, because of these changes, 770,000 additional Australians will be eligible for LISTO, 490,000 people will receive a higher payment and a total of 3.1 million Australians will be eligible. Around 60 per cent of those beneficiaries will be women. In fact, more than 1.3 million Australians will benefit directly from these changes, including around 750,000 women and 550,000 young people under 30. I'd like to acknowledge the tireless advocacy of the ACTU and its affiliated unions that represent their members, who work to keep Australia running every day. The change to LISTO will benefit over 100,000 sales assistants, more than 50,000 administrative workers and more than 50,000 aged-care and disability care workers. This will make a real difference to their savings and a real difference to their retirements.”
“From 1 July 2027, LISTO will increase by $310, rising to $810 as the maximum benefit that can be provided, and the income eligibility threshold will increase from $37,000 to $45,000. These changes ensure that low-income workers receive a fairer tax concession on their super contributions, consistent with the government's third round of tax cuts coming into effect in 2027. What does this mean in practice? Workers will receive up to $810 per year in additional contributions to their superannuation account, with the average LISTO payment increasing substantially. Over a working life, this could mean up to $15,000 more at retirement, depending on an individual's income over their career. That's real money that makes a real difference.”
“After all, these reforms will affect less than 0.5 per cent of Australians with superannuation accounts in 2026-27, and the higher rate on balances above $10 million will affect fewer than 0.1 per cent. Unsurprisingly, those opposite seem to be more focused on the impact on this tiny cohort instead of celebrating that we are delivering a more sustainable system and delivering support to those who need it most. That takes me to schedule 4 of the bill, which boosts the low-income superannuation tax offset, LISTO, and expands eligibility for this benefit. The Albanese government is delivering more help to low-income workers, including hundreds of thousands of women, young people and part-time workers who rely on fair superannuation contributions to build security for the future.”
“Both thresholds—the $3 million and $10 million caps—will be indexed to maintain alignment with the transfer balance cap. Earnings will be calculated based on established income tax concepts and realised gains. Importantly, these changes also apply fairly to members of defined benefit schemes. At a super fund level, fund trustees will report the relevant earnings to the ATO, which will ensure the system remains transparent and efficient. These are sensible reforms to concessional settings. One would think that, after such a lengthy consultation period and the government's willingness to work with all parties, the opposition would support these changes.”
“Around 38 per cent of the benefit from super tax concessions goes to the top 10 per cent of income earners, and 55 per cent goes to the top 20 per cent. These concessions were intended to support Australians in retirement, not provide tax concessions for wealth accumulation or estate planning. The legislation before the House better targets super concessions and reflects practical changes to the design and implementation of the original policy, which take into account more than two years of feedback. From 1 July 2026, the total concessional tax rate applied to earnings on balances between $3 million and $10 million will be up to 30 per cent, and earnings on balances above $10 million will be taxed at a concessional rate of 40 per cent. Balances below $3 million remain unchanged and will continue to be taxed at 15 per cent.”
“This bill delivers on that purpose. This bill will strengthen the superannuation system by increasing tax concessions for workers on low incomes, by boosting the low income superannuation tax offset—LISTO. The bill will also ensure that concessions for individuals with large balances above $3 million are better targeted and more equitable. Schedules 1 to 3 of the bill address a clear and growing problem in the system. Tax concessions for very large superannuation balances are increasing in cost and becoming less sustainable. At present, super tax concessions cost the budget more than $60 billion per year and will exceed the cost of the age pension in the 2040s. The distribution of those concessions is skewed.”
“I rise today to speak in support of the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 and the associated Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026. Firstly, I'd like to recognise the work of the Treasurer and the Department of the Treasury for getting this bill into parliament. This has been after an extensive round of consultations and work with a wide range of stakeholders over a long period of time. This is a complex set of reforms, and that is why we have taken the time to get this right. This is also a very important set of reforms, with much at stake, strengthening Australia's world-class superannuation system, making it fairer, more sustainable and better aligned with its core purpose of helping Australians achieve a dignified retirement.”
“The schedule also removes the following specifically listed entities: the Bradman Memorial Fund, Clontarf Foundation, NSCA Foundation Ltd, Sydney Talmudical College Association Refugees Overseas Aid Fund, the Australian Future Leaders Foundation Ltd, the Ranfurly Library Service Inc., the Roberta Sykes Indigenous Education Foundation and WA National Parks and Reserves Association Inc. Schedule 6 to the bill will increase support available to all eligible wine producers under the existing wine equalisation tax producer rebate scheme from a cap of $350,000 per financial year to $400,000 from 1 July 2026. These changes deliver on the government's commitment to support the Australian wine industry as well as regional tourism, investment and job creation. I commend this bill to the House.”
“Schedule 5 to the bill amends the income tax law to specifically list the following organisations as deductible gift recipients: Coaxial Foundation Ltd, Community Foundations Australia Ltd, Equality Australia Ltd, Foundation Broken Hill Ltd, Partnerships for Local Action and Community Empowerment Ltd, Paul Ramsay Foundation Ltd, Social Enterprise Australia Ltd, St Patrick's Cathedral Melbourne Restoration Fund, Sydney Chevra Kadisha, the Great Synagogue Foundation and the Parenthood Project Ltd.”
“It will provide Australian individuals and businesses with increased opportunities to access capital and technology from Portugal by reducing tax on cross-border income and providing greater tax certainty. It will also facilitate labour mobility to strengthen our cultural ties with Portugal. Finally, the treaty builds on Australia's existing tax integrity measures, designed to combat international tax evasion and avoidance, ensuring multinationals pay their fair share of tax.”
“These exemptions are consistent with those provided for other global sporting events hosted in Australia, including the 2023 FIFA Women's World Cup. They are essential to meeting our obligations to World Rugby and ensuring the successful delivery of these important tournaments. This measure reflects Australia's ongoing commitment to being a world-class host of international events that are part of Australia's broader sporting legacy leading into the Brisbane 2032 Olympic and Paralympic Games. Schedule 4 of this bill amends the International Tax Agreements Act 1953 to give force of law to the tax treaty between Australia and Portugal. This treaty, the first of its kind between Australia and Portugal, is in our national interest.”
“The condition to show an employee their stapled fund to advertise a MySuper product is an important consumer protection that will provide the necessary information and context to make a better informed decision. This amendment reinforces the government's commitment to supporting Australians to make an informed choice about their superannuation, while providing strong consumer protections. Schedule 3 of the bill delivers on the government's commitment to support Australia's hosting of the Rugby World Cup 2027 for the men's competition and the Rugby World Cup 2029 for the women's competition by providing targeted tax exemptions to the entities responsible for delivering these major international events.”
“The Your Future, Your Super review 2022 uncovered inappropriate behaviour, where a software provider directed employees towards products that were associated with the provider. This was highly inappropriate. It lacked transparency and left employees vulnerable to being pushed into a product of a related entity, which may not have been in their best interests. Therefore, schedule 2 of the bill amends the Corporations Act 2001 to impose a ban on advertising superannuation products to employees during onboarding. Exceptions will be available for showing employees their stapled fund, the employer's default fund and certain MySuper products which are subject to strict regulation.”
“That way, if a stapled fund exists, the employer can provide those details to the employee during onboarding. This provides employees with more choice earlier in the onboarding process, not less, as suggested by the former shadow treasurer during his earlier remarks. This amendment supports the government's commitment to empowering employees to make informed choices, by making it easier to see, consider and select their existing super fund when they start a new job, if they choose to do so. It will also give employers more timely and accurate superannuation details, supporting their readiness for the government's payday super reforms. With regard to schedule 2, it is important to provide context regarding the policy rationale for these changes.”
“I also acknowledge the now former shadow treasurer's proposed amendment relating to schedules 1 and 2 of this bill. The government will not be supporting the opposition's second reading amendment. In his remarks, the former shadow treasurer suggested the bill would restrict choice in superannuation and that this bill was part of a cynical plot to wedge the opposition. On both counts, he was wrong. With regard to schedule 1, the bill amends the Superannuation Guarantee (Administration) Act 1992 to streamline the superannuation choice-of-fund process during employee onboarding. This amendment provides greater flexibility for employers or their agents to request an employee's existing stapled fund details from the ATO earlier in the onboarding process.”
“Firstly, I would like to thank those members who have contributed to this debate. Given that I was in the chamber during most of his contribution, can I acknowledge the member for Adelaide's contribution and can I also acknowledge his longstanding support for our superannuation system. I want to acknowledge the member for Wentworth's contribution and proposed amendment of the superannuation related schedules of this bill. I acknowledge the member's advocacy in this important policy area and involvement in the government's Economic Reform Roundtable in August last year. I want to reassure the member that this bill recognises and strikes the right balance between choice, competition and safeguards to protect consumers when presented with advertised information.”
“The creation of ERA through the amendments set out in the bill will strengthen Australia's institutional arrangements for setting external reporting standards and ensure they are best positioned for the future. These amendments set out a new era for financial reporting standard setting in Australia. Finally, the Legislative and Governance Forum on Corporations was consulted in relation to the proposed amendments contained in the bill and has approved them as required under the Corporations Agreement 2002. Full details of the measure are contained in the explanatory memorandum. Debate adjourned.”