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.