3Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Bill 2025
The order of the day having been read for the resumption of the debate on the question—That the bill be now read a second time—And on the amendment moved thereto by Mr Ted O’Brien, viz.—That all words after “That” be omitted with a view to substituting the following words:
“whilst not declining to give the bill a second reading, the House notes the:
(1)Government has cynically cobbled together unrelated measures within this bill in an attempt to play wedge politics, not deliver policy outcomes;
(2)Opposition is supportive of Schedules 3, 4 and 6, which deal with tax incentives for the Rugby World Cup, a tax treaty with Portugal and an increase in the Wine Equalisation Tax producer rebate cap;
(3)Opposition wishes to see the smooth passage of Schedules 3, 4 and 6 and are willing to work with the Government on these uncontroversial aspects; and
(4)Opposition has serious concerns about Schedules 1 and 2 of this bill, which restrict choice in superannuation”—
And on the amendment moved thereto by Ms Spender, viz.—That all words after “whilst” be omitted with a view to substituting the following words:
“not declining to give the bill a second reading, the House:
(1)affirms the objective of superannuation is to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way;
(2)notes that:
(a)while advertising of superannuation products has led to poor outcomes in some circumstances, advertising does and should continue to play an important role in fostering competition and driving innovation among superfunds;
(b)while Australians are often disengaged with their superannuation fund, efforts to legislate additional consumer protections in response to this disengagement can unintentionally weaken competition between funds; and
(c)any weakening in the competitive pressures on superfunds to maximise net returns for customers also has a hidden cost to the retirement balances of account holders; and
(3)calls on the Government to acknowledge this policy tension and commit to reviewing this and other legislative measures for the individual and cumulative impact on fund incentives and performance”—
Debate resumed.