Chapter 1 - Introduction and overview of the bill

[1]        Senate Economics Legislation Committee, Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 [Provisions] Superannuation (Excess Transfers Balance Tax) Imposition Bill 2016 [Provisions], https://www.aph.gov.au/Parliamentary_Business/ Committees/Senate/Economics/SuperReformbillsx2 (accessed 16 December 2016).

[2]        Explanatory Memorandum, p. 21.

[3]        Explanatory Memorandum, p. 11.

[4]        Explanatory Memorandum, p. 22.

[5]        The Hon Scott Morrison (Treasurer), Second Reading Speech, Superannuation (Objective) Bill 2016, House of Representatives Hansard, 9 November 2016, p. 76.

[6]        The Hon Scott Morrison (Treasurer), Second Reading Speech, Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016, House of Representatives Hansard, 9 November 2016, p. 78.

[7]        Financial System Inquiry Committee, Financial System Inquiry: Final Report, 2014, p. 2.

[8]        Financial System Inquiry Committee, Financial System Inquiry: Final Report, 2014, p. 96.

[9]        Financial System Inquiry Committee, Financial System Inquiry: Final Report, 2014, p. 97.

[10]      Financial System Inquiry Committee, Financial System Inquiry: Final Report, 2014, p. 90.

[11]      Financial System Inquiry Committee, Financial System Inquiry: Final Report, 2014, p. 95.

[12]      Financial System Inquiry Committee, Financial System Inquiry: Final Report, 2014, p. 98.

[13]      Financial System Inquiry Committee, Financial System Inquiry: Final Report, 2014, p. 99.

[14]      Australian Government, Improving Australia's financial system: Government response to the Financial System Inquiry, 2015, p. 6.

[15]      Financial System Inquiry Committee, Financial System Inquiry: Final Report, 2014, p. 95.

[16]      Australian Government, Budget 2016‑17: Making our tax system more sustainable so we can cover the Government's responsibilities for the next generation, 2016, p. 3.

[17]      Consumption smoothing is at term used to describe the ways in which people try to optimize their lifetime standard of living by ensuring a proper balance of spending and saving during the different phases of their life. Those who overspend and put off saving for retirement to enjoy a higher standard of living often have to work longer or reduce their standard of living in retirement. Those who over save will live a more frugal lifestyle while working to enjoy a better lifestyle while retired. In each case, the overall standard of living is less than optimal.

[18]      Explanatory Memorandum, p. 27.

[19]      Explanatory Memorandum, pp. 28 and 30.

[20]      Treasury Consultation Summary, 11 November 2016, [p. 1].

[21]      Treasury Consultation Summary, 11 November 2016, [p. 12].

[22]      Budget 2016: Superannuation Fact Sheet 01, 29 November 2016, p. 1.

[23]      Explanatory Memorandum, p. 9.

[24]      Explanatory Memorandum, p. 34.

Chapter 2 - Views on the bill

[1]        Australian Council of Social Service, Submission 35, p. 1.

[2]        Industry Super Australia, Submission 13, p. 1.

[3]        Women in Super, Submission 41, [p. 2]

[4]        Mercer, Submission 20, p. 1.

[5]        CHOICE, Submission 24, [p. 1].

[6]        CHOICE, Submission 24, [p. 1].

[7]        Anglicare Australia, Submission 17, p. 1.S

[8]        Grattan Institute, Submission 34, p. 1.

[9]        Association of Superannuation Funds of Australia, Submission 29, p. 2.

[10]      BT Financial Group, Submission 14, [p. 1].

[11]      See, for example, Australian Chamber of Commerce and Industry, Submission 33; Chartered Accountants Australia and New Zealand, Submission 19;

[12]      Australian Chamber of Commerce and Industry, Submission 33, pp. 6‑7.

[13]      Financial Services Council, Submission 28, [p. 1].

[14]      Association of Independent Retirees, Submission 15, p. 2.

[15]      See, for example, SMSF Owners' Alliance, Submission 7, p. 1; Association of Independent Retirees, Submission 15.

[16]      Mercer, Submission 20, pp. 1-2.

[17]      See, for example, The Tax Institute, Submission 10; Dixon Advisory, Submission 11.

[18]      Dixon Advisory, Submission 11, p. 2.

[19]      Proof Committee Hansard, 6 February 2017, p. 7.

[20]      Industry Super Australia, Submission 13, p. 3.

[21]      See, for example, COTA, Submission 42, p. 8.

[22]      Grattan Institute, Submission 34, p. 3.

[23]      CPA Australia, Submission 32, p. 1.

[24]      Australian Financial Review, 22 November 2016, http://www.afr.com/opinion/columnists/ comfortable-superannuation-target-threatens-adequate-retirement-outcomes-20161122-gsumj4 (accessed 10 February 2017).

[25]      Australian Financial Review, 22 November 2016, http://www.afr.com/opinion/columnists/ comfortable-superannuation-target-threatens-adequate-retirement-outcomes-20161122-gsumj4 (accessed 10 February 2017).

[26]      BT Financial Group, Submission 14, [p. 2].

[27]      Australian Council of Trade Unions, Submission 12, p. 3.

[28]      Mercer, Submission 20, p. 4.

[29]      Institute of Public Affairs, Submission 21, p. 8.

[30]      Drew, Walk & Co., Submission 3, [p. 1].

[31]      Joanna Mather, Australian Financial Review, 'Super change invites political interference', 12 October 2016, http://www.afr.com/news/politics/david-murrays-super-objective-plea-20161012-gs0gt8 (accessed 10 February 2017).

[32]      Proof Committee Hansard, 6 February 2017, p. 11

[33]      Grattan Institute, Submission 34, p. 1.

[34]      See, for example, Dixon Advisory, Submission 11; Law Council of Australia, Submission 23.

[35]      Mr Phillip Sweeney, Submission 9, p. 2.

[36]      Corporate Superannuation Association, Submission 16, p. 3.

[37]      Proof Committee Hansard, 6 February 2017, p. 47.

[38]      Australian Institute of Superannuation Trustees, Submission 31, pp. 8-9.

[39]      Self-Managed Independent Superannuation Funds (SISFA), Submission 30, p. 1.

[40]      The Tax Institute, Submission 10, p. 1.

[41]      National Foundation for Australian Women, Submission 8, [p. 2].

[42]      Anglicare Australia, Submission 17, p. 2

[43]      CPA Australia, Submission 32, p. 1.

[44]      National Foundation for Australian Women, Submission 8, p. 3.

[45]      Proof Committee Hansard, 6 February 2017, p. 9.

[46]      Proof Committee Hansard, 6 February 2017, p. 14.

[47]      Association of Independent Retirees, Submission 15, p. 3.

[48]      Mercer, Submission 20, p. 8.

[49]      SMSF Owners' Alliance, Submission 7, p. 2.

[50]      Law Council of Australia, Submission 23, p. 2.

[51]      Save Our Super, Submission 39, pp. 4 and 9.

[52]      Mercer, Submission 20, p. 8.

[53]      The Institute of Public Affairs, Submission 21, p. 8.

[54]      See, for example, Australian Institute of Superannuation Trustees, Submission 31; Law Council of Australia, Submission 23;

[55]      SMSF Owners' Alliance, Submission 7, p. 2.

[56]      Financial Planning Association of Australia, Submission 25, p. 4.

[57]      Women in Super, Submission 41, [p. 9]. 

[58]      Proof Committee Hansard, 6 February 2017, p. 41. 

[59]      Financial Services Council, Submission 28, p. 3.

[60]      Association of Superannuation Funds of Australia, Submission 29, p. 8.

[61]      Chartered Accountants Australia and New Zealand, Submission 19, p. 5.

[62]      Proof Committee Hansard, 6 February 2017, p. 43.

[63]      Financial System Inquiry Committee, Financial System Inquiry: Final Report, 2014, p. 99.

[64]      Proof Committee Hansard, 6 February 2017, p. 15.

[65]      Proof Committee Hansard, 6 February 2017, p. 25.

[66]      Proof Committee Hansard, 6 February 2017, p. 37.