23rd Mar 2020, 4:37 PM – Representatives Coronavirus Economic Response Package Omnibus Bill 2020 and related bills - Second Reading - Super and financial advice

The majority voted to disagree with the amendment below being added to the usual second reading motion "that the bills be read for a second time". Reading a bill for a second time is parliamentary jargon for agreeing with the main idea of the bill. Because this amendment was unsuccessful, the words below will not be added. It was introduced by Whitlam MP Stephen Jones (Labor).

What do these bills do?

These bills were introduced to "implement the Government’s economic response to the spread of the Coronavirus, which the Government announced between 12 and 22 March 2020." You can find a copy of the bills' text on the bills' homepages by clicking on the bill hyperlinks provided on this page (each bill has its own hyperlink), or read about the Government's intentions with the bill on the explanatory memorandum. Due to the speed with which the bills went through parliament, there is currently no bills digest.

Amendment text

That the following words be added after paragraph (7):

"(8)(a) every Australian deserves a dignified retirement;

(b) Australians are proud of our world-class superannuation system;

(c) drawing down on superannuation when the market is at historic lows will have negative implications for most Australians, and should only be an option of last resort; and

(d) the administrative arrangements specified in Schedule 13 of the Coronavirus Economic Response Package Omnibus Bill 2020 will not ensure that Australians in genuine hardship receive prompt payment from their superannuation fund;

(9) calls on the Government to:

(a) ensure that ordinary Australians have access to the right information and advice in times of hardship by increasing funding for financial counselling and the Centrelink Financial Information Service; and

(b) closely monitor the financial advice industry to ensure that early release claimants are not provided with inaccurate advice; and

(10) asks the Government to:

(a) table a letter from the Chair of the Australian Prudential Regulation Authority, certifying that the implementation of Schedule 13 will have no systemic impacts on the superannuation system; and

(b) consult with industry, unions, and representatives of other political parties before the implementation of the measures in Schedule 13, noting the potentially significant, negative impact on the retirement outcomes of ordinary Australians".