Summary

Edit

The majority voted against a motion to keep particular items in the bill unchanged, which means those items were successfully opposed.

Which items were opposed?

(6) Schedule 2, item 1, page 12 (line 6) to page 14 (line 24), sections 68AAB and 68AAC, TO BE OPPOSED.

(14) Schedule 2, items 4 and 5, page 17 (line 23) to page 19 (line 35), TO BE OPPOSED.

These items deal with low-balance accounts and members under 25 years of age.

What does the bill do?

According to the bills digest:

The Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 contains three Schedules, the purpose of which is to make amendments to the [Superannuation Industry (Supervision) Act 1993] and the [Superannuation (Unclaimed Money and Lost Members) Act 1999] to:

  • limit the amount of fees that can be charged by a trustee of a superannuation fund for MySuper or choice products to three per cent of the balance of the account if the balance is less than $6,000

  • prohibit superannuation funds and approved deposit funds from imposing exit fees when a member disposes of all or part of their interest in a fund

  • prevent superannuation funds from providing insurance such as death, total and permanent disability or income protection insurance on an opt-out basis where:

  • the member is under the age of 25 years and begins to hold a new superannuation account on or after 1 July 2019

  • the member’s account balance falls below $6,000 or

  • the member’s account has not received a contribution for 13 months and is inactive

  • require retirement savings account providers and superannuation providers to pay the balance of MySuper or choice accounts to the Commissioner of Taxation, where the account is inactive and the balance is less than $6,000 and

  • require the Commissioner to consolidate any amounts received into a person’s superannuation account that will have a balance of $6,000 or more once consolidated.

Votes Not passed by a large majority

Nobody rebelled against their party.

Party Votes
Cory Bernardi SA Australian Conservatives Yes
Australian Greens (100% turnout) 0 Yes 9 No
Richard Di Natale Victoria No
Mehreen Faruqi NSW No
Sarah Hanson-Young SA No
Nick McKim Tasmania No
Janet Rice Victoria No
Rachel Siewert WA No
Jordon Steele-John WA No
Larissa Waters Queensland No
Peter Whish-Wilson Tasmania No
Australian Labor Party (76% turnout) 0 Yes 19 No
Catryna Bilyk Tasmania No
Doug Cameron NSW No
Kim Carr Victoria No
Anthony Chisholm Queensland No
Patrick Dodson WA No
Don Farrell SA No
Alex Gallacher SA No
Kristina Keneally NSW No
Chris Ketter Queensland No
Kimberley Kitching Victoria No
Jenny McAllister NSW No
Malarndirri McCarthy NT No
Claire Moore Queensland No
Deborah O'Neill NSW No
Helen Polley Tasmania No
Louise Pratt WA No
Lisa Singh Tasmania No
David Smith ACT No
Murray Watt Queensland No
Carol Brown Tasmania Absent
Jacinta Collins Victoria Absent
Gavin Marshall Victoria Absent
Glenn Sterle WA Absent
Anne Urquhart Tasmania Absent
Penny Wong SA Absent
Centre Alliance (100% turnout) 2 Yes 0 No
Stirling Griff SA Yes
Rex Patrick SA Yes
Nigel Scullion NT Country Liberal Party No
Derryn Hinch Victoria Derryn Hinch's Justice Party No
Sue Lines WA Deputy President No
Steve Martin Tasmania Independent No
Tim Storer SA Independent No
Fraser Anning Queensland Independent Absent
David Leyonhjelm NSW Liberal Democratic Party No
Liberal National Party (100% turnout) 0 Yes 2 No
Matthew Canavan Queensland No
James McGrath Queensland No
Liberal Party (77% turnout) 0 Yes 17 No
Simon Birmingham SA No
Slade Brockman WA No
Richard Colbeck Tasmania No
Mathias Cormann WA No
Jonathon Duniam Tasmania No
Concetta Fierravanti-Wells NSW No
Mitch Fifield Victoria No
Lucy Gichuhi SA No
Jane Hume Victoria No
Ian Macdonald Queensland No
Jim Molan NSW No
James Paterson Victoria No
Linda Reynolds WA No
Anne Ruston SA No
Zed Seselja ACT No
Dean Smith WA No
Amanda Stoker Queensland No
Eric Abetz Tasmania Absent
Michaelia Cash WA Absent
David Fawcett SA Absent
Marise Payne NSW Absent
Arthur Sinodinos NSW Absent
National Party (67% turnout) 0 Yes 2 No
Bridget McKenzie Victoria No
John Williams NSW No
Barry O'Sullivan Queensland Absent
Pauline Hanson's One Nation Party (0.0% turnout) Absent
Peter Georgiou WA Absent
Pauline Hanson Queensland Absent
Scott Ryan Victoria President No
Brian Burston NSW United Australia Party No
Totals (80% turnout) 3 Yes – 57 No