Footnotes


Chapter 1 - Introduction

[1]        Senator the Hon. James McGrath, Assistant Minister to the Prime Minister, Second Reading Speech, Senate Hansard, 14 September 2017, p. 7311.

[2]        This bill would amend the Superannuation Guarantee (Administration) Act 1992 to strengthen accountability of superannuation funds and improve outcomes for members. The measures contained in the bill are aimed at ensuring that choice of fund is provided to over one million more Australians; and salary sacrifice contributions are reflected in members' retirement savings.

[3]        Senator the Hon. James McGrath, Assistant Minister to the Prime Minister, Second Reading Speech, Senate Hansard, 14 September 2017, p. 7311.

[4]        Explanatory Memorandum, p. 9.

[5]        Explanatory Memorandum, p. 10.

[6]        The Hon. Kelly O'Dwyer MP (Minister for Revenue and Financial Services), Turnbull Government puts super members first, Media Release, 14 September 2017, http://kmo.ministers.treasury.gov.au/media-release/093-2017/ (accessed 22 September 2017).

[7]        Senator the Hon. James McGrath, Assistant Minister to the Prime Minister, Second Reading Speech, Senate Hansard, 14 September 2017, p. 7311.

[8]        Super System Review: Final Report, p. v.  http://dpl/Books/2010/158928-1.pdf (accessed 27 September 2017)

[9]        A trustee-director is: See also: Super System Review: Final Report, http://dpl/Books/

[10]      Super System Review: Final Report, p. 12. http://dpl/Books/2010/158928-1.pdf (accessed 27 September 2017)

[11]      Super System Review: Final Report, p. 31. http://dpl/Books/2010/158928-1.pdf (accessed 27 September 2017)

[12]      The Financial System Inquiry 2014 (Murray), Final Report, p. 24. http://fsi.gov.au/files/2014/12/FSI_Final_Report_Consolidated20141210.pdf (accessed 27 September 2017)

[13]      The Financial System Inquiry 2014 (Murray), Final Report, p. 133.  http://fsi.gov.au/files/2014/12/FSI_Final_Report_Consolidated20141210.pdf (accessed 27 September 2017)

[14]      The Financial System Inquiry 2014 (Murray), Final Report, p. 133.  http://fsi.gov.au/files/2014/12/FSI_Final_Report_Consolidated20141210.pdf (accessed 27 September 2017)

[15]      Explanatory Memorandum, p. 9.

[16]      Explanatory Memorandum, p. 6.

[17]      Parliamentary Joint Committee on Human Rights, Report 11 of 2017, October 2017, p. 60.

[18]      Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 12 of 2017, October 2017, pp. 57–61.

Chapter 2 - Views on the bills

[1]        Explanatory Memorandum, p. 9.

[2]        Australian Securities & Investments Commission, MySuper, https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/choosing-a-super-fund/mysuper (accessed 11 October 2017).

[3]        Australian Government, The Treasury, MySuper, https://treasury.gov.au/programs-and-initiatives-superannuation/mysuper/ (accessed 11 October 2017).

[4]        The Hon Bill Shorten MP, Stronger Super–Government Response to the Super System Review, 16 December 2010.

[5]        Senator the Hon. James McGrath, Assistant Minister to the Prime Minister, Second Reading Speech, Senate Hansard, 14 September 2017, p. 7311.

[6]        Senator the Hon. James McGrath, Assistant Minister to the Prime Minister, Second Reading Speech, Senate Hansard, 14 September 2017, p. 7311.

[7]        Senator the Hon. James McGrath, Assistant Minister to the Prime Minister, Second Reading Speech, Senate Hansard, 14 September 2017, p. 7311.

[8]        Mr Matthew Linden, Director of Public Affairs, Industry Super Australia, Proof Committee Hansard, 10 October 2017, p. 64.

[9]        Industry Super Australia, Submission 8, p. 3.

[10]      Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, Department of the Treasury, Proof Committee Hansard, 10 October 2017, p. 81.

[11]      Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, Department of the Treasury, Proof Committee Hansard, 10 October 2017, p. 81.

[12]      Senator the Hon. James McGrath, Assistant Minister to the Prime Minister, Second Reading Speech, Senate Hansard, 14 September 2017, p. 7311.

[13]      Mrs Helen Rowell, Deputy Chairman, Australian Prudential Regulation Authority, Proof Committee Hansard, 10 October 2017, p. 87.

[14]      Mrs Helen Rowell, Deputy Chairman, Australian Prudential Regulation Authority, Proof Committee Hansard, 10 October 2017, p. 88.

[15]      Mrs Helen Rowell, Deputy Chairman, Australian Prudential Regulation Authority, Proof Committee Hansard, 10 October 2017, p. 90.

[16]      Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, Department of the Treasury, Proof Committee Hansard, 10 October 2017, p. 83.

[17]      Association of Superannuation Funds of Australia, Submission 28, p. 3.

[18]      Association of Superannuation Funds of Australia, Submission 28, p. 3.

[19]      Ms Karen Volpato, Senior Policy Adviser, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 10 October, 2017, p. 67.

[20]      Mr Matthew Linden, Director of Public Affairs, Industry Super Australia, Proof Committee Hansard, 10 October 2017, pp. 64–65.

[21]      Senator the Hon. James McGrath, Assistant Minister to the Prime Minister, Second Reading Speech, Senate Hansard, 14 September 2017, p. 7311.

[22]      Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, Department of the Treasury, Proof Committee Hansard, 10 October 2017, p. 82.

[23]      Explanatory Memorandum, p. 3.

[24]      Explanatory Memorandum, p. 4.

[25]      Mrs Helen Rowell, Deputy Chairman, Australian Prudential Regulation Authority, Proof Committee Hansard, 10 October 2017, p. 86.

[26]      Explanatory Memorandum, p. 5.

[27]      Explanatory Memorandum, p. 7.

[28]      Explanatory Memorandum, p. 56.

[29]      Mr Matthew Linden, Director of Public Affairs, Industry Super Australia, Proof Committee Hansard, 10 October 2017, p. 65.

[30]      Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, Department of the Treasury, Proof Committee Hansard, 10 October 2017, p. 84.

[31]      Mrs Helen Rowell, Deputy Chairman, Australian Prudential Regulation Authority, Proof Committee Hansard, 10 October 2017, p. 90.

[32]      Australian Institute of Company Directors, Submission 21, p. 5.

[33]      Dr Scott Donald, Submission 24, [p. 5].

[34]      Dr Martin Fahy, Chief Executive Officer, Association of Superannuation Funds of Australia, Proof Committee Hansard, 10 October 2017, p. 48.

[35]      Industry Super Australia, Submission 8, p. 11.

[36]      Mrs Helen Rowell, Deputy Chairman, Australian Prudential Regulation Authority, Proof Committee Hansard, 10 October 2017, p. 88.

[37]      Explanatory Memorandum, p. 7.

[38]      Explanatory Memorandum, p. 113.

[39]      Senator the Hon. James McGrath, Assistant Minister to the Prime Minister, Second Reading Speech, Senate Hansard, 14 September 2017, p. 7313.

[40]      Mrs Helen Rowell, Deputy Chairman, Australian Prudential Regulation Authority, Proof Committee Hansard, 10 October 2017, p. 86.

[41]      Dr Martin Fahy, Chief Executive Officer, Association of Superannuation Funds of Australia, Proof Committee Hansard, 10 October 2017, p. 48.

[42]      Explanatory Memorandum, p. 4.

[43]      Senator the Hon. James McGrath, Assistant Minister to the Prime Minister, Second Reading Speech, Senate Hansard, 14 September 2017, p. 7313.

[44]      See for example Industry Super Australia, Submission 8, p. 15; Financial Planning Association of Australia, Submission 20, p. 1; Australian Institute of Company Directors, Submission 21, p. 7; SMSF Association, Submission 32, p.2; Australian Institute of Superannuation Trustees, Submission 34, p. 4.

[45]      Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, Department of the Treasury, Proof Committee Hansard, 10 October 2017, p. 84.

[46]      Industry Super Australia, Submission 8, p. 15; Mercer, Submission 16, [p. 1]; Law Council of Australia, Submission 37, p. 7.

[47]      Australian Institute of Company Directors, Submission 21, p. 7.

[48]      Australian Superannuation Funds of Australia, Submission 28, p. 2 and pp. 4–5.

[49]      Explanatory Memorandum, p. 5.  

[50]      Senator the Hon. James McGrath, Assistant Minister to the Prime Minister, Second Reading Speech, Senate Hansard, 14 September 2017, p. 7314.

[51]      Explanatory Memorandum, p. 78.

[52]      Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, Department of the Treasury, Proof Committee Hansard, 10 October 2017, p. 81.

[53]      See for example, Australian Institute of Superannuation Trustees, Submission 34, p. 26.

[54]      Industry Super Australia, Submission 8, p. 21; Australian Council of Trade Unions, Submission 9, p. 2.

[55]      ACTU, Submission 9, p. 2.

[56]      Australian Institute of Superannuation Trustees, Submission 34, p. 24.

[57]      Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, Department of the Treasury, Proof Committee Hansard, 10 October 2017, p. 81.

[58]      Association of Superannuation Funds of Australia, Submission 28, p. 6.

[59]      Association of Superannuation Funds of Australia, Submission 28, p. 6.

[60]      Explanatory Memorandum, p. 6.

[61]      Explanatory Memorandum, p. 90.

[62]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Proof Committee Hansard, 10 October 2017, p. 25.

[63]      CHOICE, Submission 26, pp. 7–8.

[64]      Industry Super Australia, Submission 8, p. 21.

[65]      Industry Super Australia, Submission 8; Mercer, Submission 16; ASFA, Submission 28; AMP, Submission 20.

[66]      Association of Superannuation Funds of Australia, Submission 28, p. 4.

[67]      Mr Glen McCrea, Chief Policy Officer, Association of Superannuation Funds of Australia, Proof Committee Hansard, 10 October 2017, p. 48.

[68]      Australian Institute of Superannuation Trustees, Submission 34, p. 28.

[69]      Mr Matthew McGirr, Policy Adviser, Australian Institute of Company Directors, Proof Committee Hansard, 10 October 2017, pp. 53–54.

[70]      Dr Scott Donald, Submission 24, p. 6.

[71]      ANZ, Submission 1, p. 1.

[72]      Mercer, Submission 16, p. 16.

[73]      The Hon Kelly O’Dwyer MP, Media Release, Turnbull Government puts super members first, 14 September 2017.

[74]      STA Bill, Schedule 1. It also amends the Governance of Australian Government Superannuation Schemes Act 2011 to subject civilian and military superannuation schemes to these same standards. See: STA Bill, Schedule 2.

[75]      STA Bill, Schedule 1. The proposed definition of 'independent' is set out in section 87 of the bill.

[76]      STA Bill, Schedule 1. The proposed definition of 'independent' is set out in section 88 of the bill.

[77]      Explanatory Memorandum, p. 11.

[78]      Mr David Murray AO, Proof Committee Hansard, 10 October 2017, p. 2.

[79]      Financial Services Council, Submission 30, p. 6.

[80]      Dr Martin Fahy, Association of Superannuation Funds of Australia, Proof Committee Hansard, 10 October 2017, p. 46.

[81]      Dr Martin Fahy, Association of Superannuation Funds of Australia, Proof Committee Hansard, 10 October 2017, pp. 45–46.

[82]      Professor Graeme Samuel AC, Proof Committee Hansard, 10 October 2017, pp. 15–16.

[83]      Mrs Helen Rowell, Deputy Chairman, Australian Prudential Regulation Authority, Proof Committee Hansard, 10 October 2017, p. 92.

[84]      Mr David Murray AO, Proof Committee Hansard, 10 October 2017, p. 5.

[85]      Mr Jeremy Cooper, Proof Committee Hansard, 10 October 2017, p. 9.

[86]      Professor Graeme Samuel AC, Proof Committee Hansard, 10 October 2017, p. 14.

[87]      Mr Blake Briggs, Financial Services Council, Proof Committee Hansard, 10 October 2017, p. 20.

[88]      Mr Blake Briggs, Financial Services Council, Proof Committee Hansard, 10 October 2017, p. 19.

[89]      Mr Alan Kirkland, CHOICE, Proof Committee Hansard, 10 October 2017, p. 25.

[90]      Ms Louise Petchler, Australian Institute of Company Directors, Proof Committee Hansard, 10 October 2017, p. 51.

[91]      Mr Bernie Fraser, Proof Committee Hansard, 10 October 2017, p. 32.

[92]      Ms Eva Scheerlink, Chief Executive Officer, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 10 October 2017, p. 57.

[93]      Mr Jeremy Cooper, Proof Committee Hansard, 10 October 2017, p. 9.

[94]      Explanatory Memorandum, p. 11.

[95]      Industry Super Australia, Submission 8.1, p. 1.

[96]      Ms Eva Scheerlink, Chief Executive Officer, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 10 October 2017, p. 56.

[97]      Ms Eva Scheerlink, Chief Executive Officer, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 10 October 2017, p. 56.

[98]      Mr Brian Daley, Australian Council of Trade Unions, Proof Committee Hansard, 10 October 2017, pp. 74–75.

[99]      Mr Jeremy Cooper, Proof Committee Hansard, 10 October 2017, p. 10.

[100]    Mr Jeremy Cooper, Proof Committee Hansard, 10 October 2017, p. 12.

[101]    Mr Jeremy Cooper, Proof Committee Hansard, 10 October 2017, p. 9.

[102]    Mr Jeremy Cooper, Proof Committee Hansard, 10 October 2017, p. 8.

[103]    Mrs Helen Rowell, Deputy Chairman, Australian Prudential Regulation Authority, Proof Committee Hansard, 10 October 2017, pp. 86–87.

[104]    Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, Department of the Treasury, Proof Committee Hansard, 10 October 2017, p. 83.

Dissenting Report by Labor Senators

[1]        https://www.amazon.com/Where-Are-Customers-Yachts-Street/dp/0471770892

[2]        Australian Institute of Superannuation Trustees, Submission 34, p. 6.

[3]        Association of Superannuation Funds of Australia, Submission 28, p. 4.

[4]        Dr Martin Fahy, Chief Executive Officer, Association of Superannuation Funds of Australia, Proof Committee Hansard, 10 October 2017, p. 46.

[5]        Mr Jeremy Cooper, Proof Committee Hansard, 10 October 2017, p. 10.

[6]        Professor Graeme Samuel AC, Proof Committee Hansard, 10 October 2017, pp. 15–16.

[7]        Corporate Superannuation Association, Submission 3, p. 3

[8]        Mr Blake Briggs, Financial Services Council, Proof Committee Hansard, 10 October 2017, p. 19.

[9]        Table 1, Column E, rows 38 and 41, http://www.apra.gov.au/Super/Publications/Documents/2017-AFLSS-201606.xlsx

[10]      Industry Super Australia, Additional Documents, Tabled Document No. 2 at a public hearing in Sydney on 10 October 2017.

[11]      Mr Blake Briggs, Financial Services Council, Proof Committee Hansard, 10 October 2017, p. 19.

[12]      Mr Blake Briggs, Financial Services Council, Proof Committee Hansard, 10 October 2017, p. 20.

[13]      Mr Matthew Linden, Director of Public Affairs, Industry Super Australia, Proof Committee Hansard, 10 October 2017, p. 64.

[14]      Ms Eva Scheerlink, Chief Executive Officer, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 10 October 2017, p. 56.

[15]      CHOICE, Submission 26, pp. 7–8.

[16]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Proof Committee Hansard, 10 October 2017, p. 25.

[17]      Mr Brian Daley, Australian Council of Trade Unions, Proof Committee Hansard, 10 October 2017, p. 74.

[18]      Ms Eva Scheerlink, Chief Executive Officer, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 10 October 2017, p. 56.

[19]      Mr Bernie Fraser, Proof Committee Hansard, 10 October 2017, p. 30.

[20]      Mr David Murray AO, Proof Committee Hansard, 10 October 2017, p. 1.

[21]      Mr David Murray AO, Proof Committee Hansard, 10 October 2017, p. 2.

[22]      Industry Super Australia, Tabled Document 3, tabled at a public hearing in Sydney on 10 October 2017.

[23]      Industry Super Australia, Submission 8.1, p. 13.

[24]      Mr Jeremy Cooper, Proof Committee Hansard, 10 October 2017, p. 8.

[25]      Industry Super Australia: Answers to questions taken on notice from a public hearing on 10 October 2017 (received 17 October 2017)

[26]      Dr Kevin Liu, Submission 36, p. 2

[27]      Dr Scott Donald, Submission 24, [p. 2].

[28]      Mr Jeremy Cooper, Proof Committee Hansard, 10 October 2017, p. 11.

[29]      Industry Super Australia, Submission 20.1, pp. 30-31 (to inquiry Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017)

[30]      FSC, submission 27, pg. 1, (to inquiry Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017)

[31]      Mr Blake Briggs, Financial Services Council, Proof Committee Hansard, 10 October 2017, p. 22.

[32]      Mrs Helen Rowell, Deputy Chairman, Australian Prudential Regulation Authority, Proof Committee Hansard, 10 October 2017, p. 89.

[33]      Industry Super Australia, Tabled Document 3, tabled at a public hearing in Sydney on 10 October 2017.

[34]      Industry Super Australia, Additional Document 7 – QoNs for public hearing held on 10 October 2017

[35]      Ms Karen Volpato, Senior Policy Adviser, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 10 October, 2017, p. 66.

[36]      Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, Department of the Treasury, Proof Committee Hansard, 10 October 2017, p. 82.

[37]      Industry Super Australia, Submission 8, p. 6.

[38]      Australian Institute of Superannuation Trustees, Submission 34, p. 16.

[39]      Mercer, Submission 16, p. 1.

[40]      Dr Martin Fahy, Association of Superannuation Funds of Australia, Proof Committee Hansard, 10 October 2017, p. 48.

[41]      Australian Institute of Company Directors, Submission 21, p. 7.

[42]      Association of Superannuation Funds of Australia, Submission 28, Attachment 1, p. 2.

[43]      Australian Institute of Superannuation Trustees, Submission 34, p. 22.

[44]      Industry Super Australia, Submission 8, p. 21.

[45]      Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, Department of the Treasury, Proof Committee Hansard, 10 October 2017, p. 81.

[46]      Industry Super Australia, Submission 8, pp. 15–18.