Chapter 1 - Introduction

[1]        Journals of the Senate, No. 63, 14 September 2017, pp. 2007–2009.

[2]        The Hon. Kelly O'Dwyer MP, Minister for Revenue and Financial Services, Second Reading Speech, House of Representatives Hansard, 14 September 2017, p. 10424.

[3]        The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017 contains eight measures, which propose to amend the Superannuation Industry (Supervision) Act 1993, the Corporations Act 2001 and the Financial Sector (Collection of Data) Act 2001 in order to 'modernise and increase confidence within the superannuation system'. The Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017 seeks to introduce a definition of independence and to legislate a requirement that superannuation funds regulated by the Australian Prudential Regulation Authority have a minimum of one-third independent directors as well as an independent Chair.

[4]        The Hon. Kelly O'Dwyer MP, Minister for Revenue and Financial Services, Second Reading Speech, House of Representatives Hansard, 14 September 2017, p. 10424.

[5]        The Hon. Kelly O'Dwyer MP, Minister for Revenue and Financial Services, Second Reading Speech, House of Representatives Hansard, 14 September 2017, p. 10425.

[6]        The Financial System Inquiry 2014 (Murray), Final Report, p. 131, http://fsi.gov.au/files/2014/12/FSI_Final_Report_Consolidated20141210.pdf (accessed 27 October 2017).

[7]        The Financial System Inquiry 2014 (Murray), Final Report, p. 131, http://fsi.gov.au/files/2014/12/FSI_Final_Report_Consolidated20141210.pdf (accessed 27 October 2017).

[8]        Explanatory Memorandum, p. 3.

[9]        Explanatory Memorandum, p. 5.

Chapter 2 - Views on the bill

[1]        The Financial System Inquiry 2014 (Murray), Final Report, p. 131, http://fsi.gov.au/files/2014/12/FSI_Final_Report_Consolidated20141210.pdf (accessed 27 October 2017).

[2]        Productivity Commission, Superannuation: Alternative Default Models, Draft Report, March 2017, p. 33 and Clare, R 2010, Choosing to choose, Association of Superannuation Funds of Australia, paper presented at the 18th Annual Colloquium of Superannuation Researchers, Sydney, 12–13 July, p. 9.

[3]        Mr John Maroney, Chief Executive Officer, Self Managed Super Fund Association, Proof Committee Hansard, 9 October 2017, p. 1.

[4]        Mr John Maroney, Chief Executive Officer, Self Managed Super Fund Association, Proof Committee Hansard, 9 October 2017, p. 1.

[5]        CHOICE, Submission 24, pp. 9–10.

[6]        Productivity Commission, Superannuation: Alternative Default Models, Draft Report, March 2017, p. 3.

[7]        Financial Planning Association of Australia, Submission 13, p. 1.

[8]        Association of Financial Advisors, Submission 19, p. 2.

[9]        Dixon Advisory, Submission 5, pp. 1–2.

[10]      Mr John Maroney, Chief Executive Officer, Self Managed Super Fund Association, Proof Committee Hansard, 9 October 2017, p. 4.

[11]      Australian Chamber of Commerce and Industry, Submission 16, p. 6.

[12]      Australian Chamber of Commerce and Industry, Submission 16, p. 3.

[13]      Australian Institute of Superannuation Trustees, Submission 9, p. 3.

[14]      Construction, Forestry, Mining and Energy Union, Submission 9, p. 10.

[15]      Queensland Nurses and Midwives' Union, Submission 7, p. 1.

[16]      Industry Super Australia, Supplementary Submission 20.1, p. 15.

[17]      Productivity Commission, Superannuation Policy for Post-Retirement, Research Paper, Volume 2: Supplementary Papers, July 2015, p. 183.

[18]      Industry Super Australia, Submission 20, pp. 13–14.

[19]      Australian Institute of Superannuation Trustees, Submission 9, p. 3.

[20]      Law Council of Australia, Submission 32. pp. 2–3.

[21]      Law Council of Australia, Submission 32. pp. 2–3.

[22]      Australian Institute of Superannuation Trustees, Submission 9, p. 3.

[23]      CHOICE, Submission 24, p. 10.

[24]      Industry Super Australia, Submission 20, p. 2.

[25]      Australian Institute of Superannuation Trustees, Submission 9, p. 3.

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

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

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

[29]      Law Council of Australia, Submission 32, p. 3.

[30]      Australian Council of Trade Unions, Submission 29, p. 3.

Additional Comments by Labor Senators

[1]        Unisuper, Submission 21, p. 5.

[2]        Australian Institute of Superannuation Trustees, Submission 20, p. 11 (citing ASIC).

[3]        http://www.actu.org.au/media/599617/retirement-incomes-superannuation-and-workers-capital-final.pdf

[4]        Industry Super Australia, Submission 20, supplementary submission 1, pp. 30–31.

[5]        http://www.abc.net.au/news/2017-02-13/banks-to-secure-management-of-employees-superannuation-funds/8263844

[6]        Construction, Forestry, Mining and Energy Union (CFMEU), Submission 25, p. 10.

[7]        Victorian Trades Hall Council, Submission 3, p. 3.

[8]        Australian Council of Trade Unions, Submission 29, p. 2.

[9]        Mr Blake Briggs, Senior Policy Manager, Financial Services Council, Proof Committee Hansard, p. 23.

[10]      Industry Super Australia, Submission 20, supplementary submission 1, p. 23.

[11]      Industry Super Australia, Submission 8 (Economics Legislation Committee, Inquiry into the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017 and the Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017 to the Economics Legislation Committee), p. 21