Chapter 1 - Introduction

[1]        Journals of the Senate, No. 101, 21 June 2018, p. 3242.

[2]        The term 'account' is used as it is commonly understood in the superannuation sector, meaning a member's interest in either a MySuper product or a choice product held within their superannuation fund.

[3]        Explanatory Memorandum, pp. 6–7.

[4]        The Hon Kelly O'Dwyer MP, Minister for Revenue and Financial Services, 'Encouraging and rewarding Australians by protecting your superannuation', Media Release, 8 May 2018.

[5]        The Hon Kelly O'Dwyer MP, Minister for Revenue and Financial Services, House of Representatives Hansard, 21 June 2018, pp. 19–20.

[6]        Productivity Commission, Superannuation: Assessing Efficiency and Competitiveness—Draft Report—Overview, April 2018, p. 3.

[7]        Explanatory Memorandum, p. 42.

[8]        Explanatory Memorandum, p. 42.

[9]        Explanatory Memorandum, p. 42.

[10]      A MySuper product is a default defined contribution superannuation product. Superannuation funds must meet requirements set by APRA to be permitted to offer a MySuper product. All default products are MySuper products since 1 July 2017.

[11]      A default fund is a superannuation fund to which an employer's Superannuation Guarantee contributions are paid if the employee does not choose an alternative fund.

[12]      Explanatory Memorandum, p. 43.

[13]      Explanatory Memorandum, p. 43.

[14]      Explanatory Memorandum, pp. 43–44.

[15]      Explanatory Memorandum, p. 43.

[16]      Explanatory Memorandum, p. 43.

[17]      Explanatory Memorandum, p. 44.

[18]      Explanatory Memorandum, p. 45.

[19]      The term 'prescribed cost' refers to an amount prescribed in regulations (if any) incurred by the trustee for the administration of the fund or investment of the fund's assets which are not charged to the member as a fee.

[20]      Explanatory Memorandum, p. 9.

[21]      Explanatory Memorandum, p. 9.

[22]      Explanatory Memorandum, pp. 9–11.

[23]      Explanatory Memorandum, pp. 10 and 13.

[24]      A buy-sell spread is the transaction cost incurred by a trustee of a superannuation entity when they buy or sell the assets of the entity.

[25]      Explanatory Memorandum, pp. 9 and 10.

[26]      Explanatory Memorandum, pp. 9 and 10.

[27]      Explanatory Memorandum, p. 18.

[28]      The new insurance rules do not apply to self-managed super funds (SMSFs) or small APRA funds.

[29]      Explanatory Memorandum, p. 19.

[30]      Explanatory Memorandum, p. 19.

[31]      Explanatory Memorandum, p. 18.

[32]      Explanatory Memorandum, p. 19.

[33]      Explanatory Memorandum, p. 21.

[34]      Explanatory Memorandum, p. 27.

[35]      Explanatory Memorandum, p. 28.

[36]      Explanatory Memorandum, p. 28.

[37]      The Hon Kelly O'Dwyer MP, Minister for Revenue and Financial Services, House of Representatives Hansard, 21 June 2018, p. 19.

[38]      Treasury, Protecting Your Super package, https://treasury.gov.au/consultation/c2018-t286292/ (accessed 7 August 2018).

[39]      Explanatory Memorandum, p. 3.

[40]      Productivity Commission, Superannuation: Assessing Efficiency and Competitiveness—Draft Report, accessible at: https://www.pc.gov.au/inquiries/current/superannuation/assessment/draft (accessed 13 August 2018).

[41]      Productivity Commission, Superannuation: Assessing Efficiency and Competitiveness—Draft Report—Overview, April 2018, p. 47.

[42]      Productivity Commission, Superannuation: Assessing Efficiency and Competitiveness—Draft Report—Overview, April 2018, p. 51.

[43]      Productivity Commission, Superannuation: Assessing Efficiency and Competitiveness—Draft Report—Overview, April 2018, p. 51.

[44]      Productivity Commission, Superannuation: Assessing Efficiency and Competitiveness—Draft Report—Overview, April 2018, p. 39.

[45]      Productivity Commission, Superannuation: Assessing Efficiency and Competitiveness—Draft Report—Overview, April 2018, p. 53.

[46]      Productivity Commission, Superannuation: Assessing Efficiency and Competitiveness—Draft Report—Overview, April 2018, p. 53.

[47]      Productivity Commission, Superannuation: Assessing Efficiency and Competitiveness—Draft Report—Overview, April 2018, p. 53.

[48]      Productivity Commission, Superannuation: Assessing Efficiency and Competitiveness—Draft Report—Overview, April 2018, p. 35.

[49]      Australian Securities and Investment Commission, RG 97 review, https://asic.gov.au/regulatory-resources/superannuation-funds/fees-and-costs-disclosure/rg-97-review/ (accessed 7 August 2018).

[50]      Australian Securities and Investment Commission, 'External report on fees and costs disclosure welcomed by ASIC', Media Release, 24 July 2018.

[51]      Explanatory Memorandum, p. 3.

[52]      Explanatory Memorandum, p. 73.

Chapter 2 - Views on the bill

[1]        See, for example, Industry Super Australia, Submission 26, p. 3; Rice Warner, Submission 7,
p. 1; Chartered Accountants Australia and New Zealand, Submission 8, p. 1; MetLife Insurance Limited, Submission 9, p. 2.

[2]        ClearView Wealth, Submission 2, p. 1.

[3]        COTA Australia, Submission 30, p. 1.

[4]        Anglicare Australia, Submission 1, [p. 1].

[5]        Dixon Advisory, Submission 4, p. 1.

[6]        Financial Rights Legal Centre and Consumer Action Law Centre, Submission 11, p. 1.

[7]        Financial Counselling Australia, Submission 29, p. 1.

[8]        Grattan Institute, Submission 33, p. 2.

[9]        CHOICE, Submission 15, p. 3.

[10]      AIA Australia, Submission 17, p. 2.

[11]      Association of Financial Advisers, Submission 24, p. 1.

[12]      Cbus Super, Submission 32, p. 1. See also TAL Life Limited, Submission 31, p. 2; Financial Services Council, Submission 25, p. 1; Australian Institute of Superannuation Trustees, Submission 10, p. 1.

[13]      See, for example, Mr Allan Hansell, Director of Policy and Global Markets, Financial Services Council, Committee Hansard, 20 July 2018, p. 33; Corporate Superannuation Association, Submission 6, pp. 4–5; Munich Reinsurance Company of Australasia Limited, Submission 13, p. 5;  Law Council of Australia, Submission 20, p. 3; Rest, Submission 22, p. 10.

[14]      See, for example, Financial Services Council, Submission 25, p. 2; Cbus Super, Submission 32, p. 12; Law Council of Australia, Submission 20, p. 3; AIA Australia, Submission 17, p. 14;
Mrs Helen Rowell, Deputy Chair, Australian Prudential Regulation Authority, Committee Hansard, 20 July 2018, pp. 2–3.

[15]      Rice Warner, Submission 7—Attachment 1, p. 7. See also Ms Jenni Baxter, Executive General Manager, Insurance, Rice Warner, Committee Hansard, 20 July 2018, p. 25.

[16]      Mercer, Submission 19, p. 9.

[17]      TAL Life Limited, Submission 31, p. 3.

[18]      See, for example, RGA Reinsurance Company of Australia Limited, Submission 14, p. 3; AIA Australia, Submission 17, pp. 14–15.

[19]      Mercer, Submission 19, pp. 10–11.

[20]      Rest, Submission 22, p. 10.

[21]      Financial Services Council, Submission 25, p. 2.

[22]      Munich Reinsurance Company of Australasia Limited, Submission 13, p. 5.

[23]      Mrs Helen Rowell, Deputy Chair, Australian Prudential Regulation Authority, Committee Hansard, 20 July 2018, p. 2.

[24]      See, for example, Corporate Superannuation Association, Submission 6, pp. 4–5; MetLife Insurance Limited, Submission 9, p. 5 Australian Institute of Superannuation Trustees, Submission 10, p. 5.

[25]      Rice Warner, Submission 7—Attachment 1, p. 7.

[26]      Australian Institute of Superannuation Trustees, Submission 10, p. 5.

[27]      Association of Financial Advisers, Submission 24, p. 11.

[28]      Mr David Haynes, Senior Policy Manager, Australian Institute of Superannuation Trustees, Committee Hansard, 20 July 2018, p. 57.

[29]      Mr Geoff Summerhayes, Member, Australian Prudential Regulation Authority, Committee Hansard, 20 July 2018, p. 4.

[30]      Professor John Daley, Chief Executive Officer, Grattan Institute, Committee Hansard,
20 July 2018, p. 87.

[31]      Explanatory Memorandum, p. 21.

[32]      Explanatory Memorandum, pp. 7–8.

[33]      Association of Superannuation Funds of Australia, Submission 12, p. 8.

[34]      Link Group, Submission 27, p. 2.

[35]      AustralianSuper, Submission 23, p. 2. See also, Australian Institute of Superannuation Trustees, Submission 10, p. 4.

[36]      Mr Geoff Burgess, Deputy Chairman, Corporate Superannuation Association Inc, Committee Hansard, 20 July 2018, p. 22.

[37]      Mr Matthew Linden, Director, Public Affairs, Industry Super Australia, Committee Hansard, 20 July 2018, p. 71.

[38]      Mr Matthew Linden, Director, Public Affairs, Industry Super Australia, Committee Hansard, 20 July 2018, p. 72.

[39]      Association of Financial Advisers, Submission 24, p. 9.

[40]      Maurice Blackburn Lawyers, Submission 3, p. 3.

[41]      Mr Xavier O'Halloran, Campaigns and Policy Team Lead, CHOICE, Committee Hansard, 20 July 2018, p. 12.

[42]      Grattan Institute, Submission 33, p. 7.

[43]      Mr Nick Kirwan, Senior Policy Manager (Life Insurance), Financial Services Council, Committee Hansard, 20 July 2018, pp. 36–37.

[44]      Industry Super Australia, Submission 26, p. 14.

[45]      Industry Super Australia, Submission 26, p. 14. See also Mr Matthew Linden, Director, Public Affairs, Industry Super Australia, Committee Hansard, 20 July 2018, p. 72.

[46]      Cbus Super, Submission 32, pp. 13–14.

[47]      Mr Joseph Mitchell, Workers' Capital Organising Officer, Australian Council of Trade Unions, Committee Hansard, 20 July 2018, p. 43.

[48]      Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, The Treasury, Committee Hansard, 20 July 2018, p. 92.

[49]      Explanatory Memorandum, pp. 9–10.

[50]      Explanatory Memorandum, p. 11.

[51]      Explanatory Memorandum, p. 11.

[52]      Explanatory Memorandum, pp. 9–10 and pp. 15–16.

[53]      See, for example, CHOICE, Submission 15, p. 6; Australian Council of Trade Unions, Submission 16, p. 5; AustralianSuper, Submission 23, p. 2; COTA Australia, Submission 30, p. 2.

[54]      Financial Counselling Australia, Submission 29, p. 2.

[55]      Mr Xavier O'Halloran, Campaigns and Policy Team Lead, CHOICE, Committee Hansard, 20 July 2018, p. 9.

[56]      COTA Australia, Submission 30, p. 2.

[57]      Grattan Institute, Submission 33, p. 8. See also Professor John Daley, Chief Executive Officer, Grattan Institute, Committee Hansard, 20 July 2018, p. 87.

[58]      Industry Super Australia, Submission 26, p. 5.

[59]      Industry Super Australia, Submission 26, p. 3.

[60]      Association of Financial Advisers, Submission 24, p. 2.

[61]      See, for example, Australian Institute of Superannuation Trustees, Submission 10, p. 2; Chartered Accountants Australia and New Zealand, Submission 8, p. 2; Association of Financial Advisers, Submission 24, p. 5.

[62]      Rest, Submission 22, p. 9. See also Ms Vicki Doyle, Chief Executive Officer, Rest, Committee Hansard, 20 July 2018, p. 77.

[63]      Association of Financial Advisers, Submission 24, p. 5.

[64]      Association of Financial Advisers, Submission 24, p. 5.

[65]      Chartered Accountants Australia and New Zealand, Submission 8, p. 2.

[66]      Chartered Accountants Australia and New Zealand, Submission 8, p. 2.

[67]      Mrs Helen Rowell, Deputy Chair, Australian Prudential Regulation Authority, Committee Hansard, 20 July 2018, p. 1.

[68]      Mr Geoff Burgess, Deputy Chairman, Corporate Superannuation Association Inc, Committee Hansard, 20 July 2018, p. 19. See also Corporate Superannuation Association, Submission 6,
p. 4.

[69]      Australian Institute of Superannuation Trustees, Submission 10, p. 1.

[70]      Mr David Haynes, Senior Policy Manager, Australian Institute of Superannuation Trustees, Committee Hansard, 20 July 2018, p. 58. See also Mr Geoff Burgess, Deputy Chairman, Corporate Superannuation Association Inc, Committee Hansard, 20 July 2018, p. 19.

[71]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Committee Hansard, 20 July 2018, p. 8. See also CHOICE, Submission 10, pp. 5–6.

[72]      Mr Matthew Linden, Director, Public Affairs, Industry Super Australia, Committee Hansard, 20 July 2018, p. 70. See also Industry Super Australia, Submission 26, p. 4.

[73]      Mr Matthew Linden, Director, Public Affairs, Industry Super Australia, Committee Hansard, 20 July 2018, p. 70.

[74]      Cbus Super, Submission 32, p. 17.

[75]      Ms Louise du Pre-Alba, Strategic Policy Advocate, AustralianSuper, Committee Hansard, 20 July 2018, p. 76.

[76]      CHOICE, Submission 15, pp. 6–7.

[77]      Explanatory Memorandum, pp. 10–11.

[78]      Association of Superannuation Funds of Australia, Submission 12, p. 5. See also Mercer, Submission 19, p. 7.

[79]      Association of Superannuation Funds of Australia, Submission 12, p. 6. See also Australian Institute of Superannuation Trustees, Submission 10, p. 2.

[80]      Law Council of Australia, Submission 20, p. 2.

[81]      QSuper, Submission 18, p. 1.

[82]      Professor John Daley, Chief Executive Officer, Grattan Institute, Committee Hansard, 20 July 2018, p. 88.

[83]      Explanatory Memorandum, pp. 17–19.

[84]      Explanatory Memorandum, p. 19.

[85]      CHOICE, Submission 15, p. 10.

[86]      ClearView Wealth, Submission 2, p. 6. See also Mr Simon Swanson, Managing Director, ClearView Wealth, Committee Hansard, 20 July 2018, p. 30.

[87]      ClearView Wealth, Submission 2, p. 6. See also Dixon Advisory, Submission 4, p. 2.

[88]      Financial Counselling Australia, Submission 29, p. 3.

[89]      See, for example, Cbus Super, Submission 32, p. 12; Association of Financial Advisers, Submission 24, p. 6; Industry Super Australia, Submission 26, p. 12; RGA Reinsurance Company of Australia Limited, Submission 14, p. 2; AIA Australia, Submission 17, p. 15.

[90]      Mercer, Submission 19, p. 9. See also, Mr Vincent Watt, Acting Chief Executive Officer, MetLife Insurance Limited, Committee Hansard, 20 July 2018, p. 66.

[91]      Chartered Accountants Australia and New Zealand, Submission 8, p. 3.

[92]      The Treasury, answers to questions on notice, 20 July 2018, (received 3 August 2018).

[93]      AIA Australia, Submission 17, p. 15.

[94]      Association of Financial Advisers, Submission 24, p. 6.

[95]      Industry Super Australia, Submission 26, p. 12. See also, Mr Brett Clark, Group CEO and Managing Director, TAL Life Limited, Committee Hansard, 20 July 2018, p. 65.

[96]      Explanatory Memorandum, p. 52.

[97]      Mr Allan Hansell, Director of Policy and Global Markets, Financial Services Council, Committee Hansard, 20 July 2018, p. 35.

[98]      Department of the Treasury, Tabled Document 2, May 2018, p. 4 (tabled 20 July 2018). See also Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, The Treasury, Committee Hansard, 20 July 2018, p. 90.

[99]      Mrs Helen Rowell, Deputy Chair, Australian Prudential Regulation Authority, Committee Hansard, 20 July 2018, p. 2.

[100]    See, for example, Association of Superannuation Funds of Australia, Submission 12, p. 4; AIA Australia, Submission 17, p. 12; Association of Financial Advisers, Submission 24, p. 8; Ms Jenni Baxter, Executive General Manager, Insurance, Rice Warner, Committee Hansard, 20 July 2018, p. 28.

[101]    KPMG, Insurance in superannuation: The impacts and unintended consequences of the proposed Federal Budget changes, June 2018, p. 4.

[102]    Rice Warner, Economic Impact of 2018 Federal Budget Proposed Insurance Changes, May 2018, p. 16.

[103]    AIA Australia, Submission 17, p. 12.

[104]    COTA Australia, Submission 30, pp. 3–4.

[105]    Grattan Institute, Submission 33, p. 4.

[106]    Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, The Treasury, Committee Hansard, 20 July 2018, p. 90.

[107]    See, for example, Australian Institute of Superannuation Trustees, Submission 10, pp. 3–4; Rice Warner, Submission 7—Attachment 1, p. 3; Maurice Blackburn Lawyers, Submission 3, p. 4; Maurice Blackburn Lawyers, Submission 3, p. 4; AIA Australia, Submission 17, p. 16; Cbus Super, Submission 32, p. 3–4.

[108]    Industry Super Australia, Submission 26, p. 8.

[109]    AIA Australia, Submission 17, p. 16.

[110]    Cbus Super, Submission 32, p. 9.

[111]    See, for example, Industry Super Australia, Submission 26, p. 12; Association of Superannuation Funds of Australia, Submission 12, p. 5; Corporate Superannuation Association, Submission 6, p. 3.

[112]    Industry Super Australia, Submission 26, p. 12.

[113]    Cbus Super, Submission 32, p. 13.

[114]    Mrs Helen Rowell, Deputy Chair, Australian Prudential Regulation Authority, Committee Hansard, 20 July 2018, p. 5.

[115]    Mr Alan Kirkland, Chief Executive Officer, CHOICE, Committee Hansard, 20 July 2018, p. 8. See also CHOICE, Submission 10, p. 11.

[116]    CHOICE, Submission 15, p. 11.

[117]    Grattan Institute, Submission 33, p. 6. See also Professor John Daley, Chief Executive Officer, Grattan Institute, Committee Hansard, 20 July 2018, p. 86.

[118]    See, for example, Rice Warner, Submission 7, p. 1; MetLife Insurance Limited, Submission 9, p. 4; Australian Institute of Superannuation Trustees, Submission 10, p. 3; RGA Reinsurance Company of Australia Limited, Submission 14, p. 2; Australian Council of Trade Unions, Submission 16, p. 8; Maurice Blackburn Lawyers, Submission 3, p. 3.

[119]    Financial Services Council, Submission 25, pp. 2–3.

[120]    TAL Life Limited, Submission 31, p. 2.

[121]    AIA Australia, Submission 17, p. 9.

[122]    See, for example, Munich Reinsurance Company of Australasia Limited, Submission 13, p. 5; TAL Life Limited, Submission 31, p. 3; Financial Rights Legal Centre and Consumer Action Law Centre, Submission 11, p. 2; Financial Counselling Australia, Submission 29, pp. 3–4; Cbus Super, Submission 32, p. 13.

[123]    Financial Rights Legal Centre and Consumer Action Law Centre,Submission 11—Attachment 1, p. 5.

[124]    Berrill & Watson, Submission 5, p. 2.

[125]    Berrill & Watson, Submission 5, p. 2.

[126]    Explanatory Memorandum, pp. 27–29.

[127]    Explanatory Memorandum, pp. 27–29.

[128]    See, for example, Chartered Accountants Australia and New Zealand, Submission 8, p. 4; Australian Institute of Superannuation Trustees, Submission 10, pp. 5–6; Financial Counselling Australia, Submission 29, p. 4.

[129]    Maurice Blackburn Lawyers, Submission 3, p. 5.

[130]    SMSF Association, Submission 28, p. 3.

[131]    CHOICE, Submission 15, p. 17.

[132]    Grattan Institute, Submission 33, p. 7.

[133]    COTA Australia, Submission 30, p. 2.

[134]    RGA Reinsurance Company of Australia Limited, Submission 14, p. 1.

[135]    Rest, Submission 22, p. 10. See also Ms Vicki Doyle, Chief Executive Officer, Rest, Committee Hansard, 20 July 2018, p. 78.

[136]    See, for example, Australian Institute of Superannuation Trustees, Submission 10, p. 6; Association of Superannuation Funds of Australia, Submission 12, p. 9; Mr Byron Addison, Senior Policy Adviser, Association of Superannuation Funds of Australia, Committee Hansard, 20 July 2018, p. 52.

[137]    Industry Super Australia, Submission 26, p. 15. See also Mr Richard Watts, Consultant, Industry Super Australia, Committee Hansard, 20 July 2018, p. 72.

[138]    Mr David Haynes, Senior Policy Manager, Australian Institute of Superannuation Trustees, Committee Hansard, 20 July 2018, p. 56.

[139]    Grattan Institute, Submission 33, p. 8.

[140]    CHOICE, Submission 15, p. 18.

[141]    Professor John Daley, Chief Executive Officer, Grattan Institute, Committee Hansard, 20 July 2018, p. 88.

[142]    See, for example, Australian Council of Trade Unions, Submission 16, p. 10; Association of Superannuation Funds of Australia, Submission 12, p. 8; Industry Super Australia,Submission 26, p. 15.

[143]    Association of Superannuation Funds of Australia, Submission 12, p. 8.

[144]    Link Group, Submission 27, p. 2.

[145]    Cbus Super, Submission 32, p. 15.

[146]    Explanatory Memorandum, p. 69.

[147]    See, for example, Industry Super Australia, Submission 26, p. 14; Association of Superannuation Funds of Australia, Submission 12, p. 9; AustralianSuper, Submission 23, p. 2.

[148]    Association of Superannuation Funds of Australia, Submission 12, p. 9.

[149]    AustralianSuper, Submission 23, p. 2.

[150]    Mr Alan Kirkland, Chief Executive Officer, CHOICE, Committee Hansard, 20 July 2018, p. 13. See also CHOICE, Submission 15, p. 18.

[151]    Mrs Julia Davis, Policy and Communications Officer, Financial Rights Legal Centre, Committee Hansard, 20 July 2018, p. 13.

[152]    Mr James O'Halloran, Deputy Commissioner, Superannuation Australian Taxation Office, Committee Hansard, 20 July 2018, pp. 95–96.

[153]    The Hon Kelly O'Dwyer MP, Minister for Revenue and Financial Services, House of Representatives Hansard, 21 June 2018, pp. 19–20.

[154]    Rice Warner, Federal Budget Impact—Insurance, July 2018, p. 7.

[155]    Explanatory Memorandum, p. 56.

Additional Comments from Labor Senators

[1]        Productivity Commission, Superannuation: Assessing Efficiency and Competitiveness, accessed via: https://www.pc.gov.au/inquiries/current/superannuation/assessment/terms-of-reference

[2]        ABC 7:30 Report, Banking Royal Commission to look at superannuation insurance, accessed via http://www.abc.net.au/7.30/banking-royal-commission-to-look-at-superannuation/10063336

[3]        Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, accessed via https://financialservices.royalcommission.gov.au/Media/Pages/media-releases/Financial-Services-Royal-Commission-confirms-date-for-interim-report.aspx

[4]        CHOICE, Submission 15, pp. 5–6.

[5]        Australian Institute of Superannuation Trustees, Submission 10, pp. 1–2.

[6]        Mrs Helen Rowell, Deputy Chair, Australian Prudential Regulation Authority, Committee Hansard, 20 July 2018, p. 5.

[7]        Mr Geoff Summerhayes, Member, Australian Prudential Regulation Authority, Committee Hansard, 20 July 2018, p. 5.

[8]        Mr Joseph Mitchell, Workers' Capital Organising Officer, Australian Council of Trade Unions, Committee Hansard, 20 July 2018, p. 38.

[9]        Productivity Commission, Superannuation: Efficiency and Competitiveness Draft Report, pp. 312 –313

[10]      Explanatory Memorandum, p. 22.

[11]      Explanatory Memorandum, p. 3.

[12]      Association of Superannuation Funds of Australia, Submission 12, p. 1.

[13]      AIA Australia, Submission 17, p. 14.

[14]      Rice Warner, Submission 7—Attachment 1, p. 7.

[15]      Mrs Helen Rowell, Deputy Chair, Australian Prudential Regulation Authority, Committee Hansard, 20 July 2018, p. 2.

[16]      Rice Warner, Submission 7—Attachment 1, p. 3.

[17]      Financial Rights Legal Centre and Consumer Action Law Centre, Submission 11— Attachment 1, p. 5.

[18]      Australian Council of Trade Unions, Submission 16, p. 7.

[19]      Corporate Superannuation Association, Submission 6, p. 3.

[20]      Industry Super Australia, Submission 26, p. 8.

[21]      Rice Warner, Submission 7—Attachment 1, p. 2.

[22]      MetLife Insurance Limited, Submission 9, p. 4.

[23]      Association of Superannuation Funds of Australia, Submission 12, p. 8.

[24]      Australian Council of Trade Unions, Submission 16, p. 9.

[25]      Mr Joseph Mitchell, Workers' Capital Organising Officer, Australian Council of Trade Unions, Committee Hansard, 20 July 2018, p. 38.

[26]      Mrs Julia Davis, Policy and Communications Officer, Financial Rights Legal Centre, Committee Hansard, 20 July 2018, p. 10.

[27]      Financial Services Council, Submission 25, p. 3.

[28]      Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, The Treasury, Committee Hansard, 20 July 2018, p. 93.

[29]      Industry Super Australia, Submission 26, p. 9.

[30]      Cbus Super, Submission 32, p. 3.

[31]      Rest, Submission 22, p. 1.

[32]      Rest, Submission 22, p. 6.

[33]      Mr Brett Clark, Group CEO and Managing Director, TAL Life Limited, Committee Hansard, 20 July 2018, p. 61.

[34]      Mr Joseph Mitchell, Workers' Capital Organising Officer, Australian Council of Trade Unions, Committee Hansard, 20 July 2018, p. 38.

[35]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Committee Hansard, 20 July 2018,
p. 38.

[36]      Mr Joseph Mitchell, Workers' Capital Organising Officer, Australian Council of Trade Unions, Committee Hansard, 20 July 2018, p. 43.

[37]      CHOICE, Submission 15, pp. 17–18.

[38]      Association of Superannuation Funds of Australia, Submission 12, p. 9.

[39]      Association of Superannuation Funds of Australia, Submission 12, p. 9.

[40]      Industry Super Australia, Submission 26, p. 15.

[41]      Australian Institute of Superannuation Trustees, Submission 10, p. 6.

[42]      Mr James O'Halloran, Deputy Commissioner, Superannuation Australian Taxation Office, Committee Hansard, 20 July 2018, pp. 95–96.