The majority voted in favour of Opposition amendments to a Government amendment, meaning that the Opposition amendment was successful.

Amendment text


(1) Amendment (2), before item 1, insert:

1A Subsection 10(1) (after the definition of authorised person )


benchmark means a benchmark mentioned in, or specified in regulations made for the purposes of, subparagraphs 52(9)(a)(i) and (ii) and paragraph 52(9)(aa).

1AA Subsection 10(1) (after the definition of Commissioner )


comparable choice products , in relation to a choice product, means a class of choice product specified in regulations made for the purposes of this definition that the choice product is to be compared with.

(2) Amendment (2), item 6, subparagraph 52(9)(a)(i), omit “set under the prudential standards”, substitute “specified in regulations made for the purposes of this subparagraph”.

(3) Amendment (2), item 6, subparagraph 52(9)(a)(ii), omit the subparagraph, substitute:

(ii) if the product is a choice product—a comparison of the choice product with the comparable choice products in relation to the choice product, based on factors mentioned in subsection (10A), and a comparison of the choice product with any other benchmarks specified in regulations made for the purposes of this subparagraph; and

(4) Amendment (2), item 6, after paragraph 52(9)(a), insert:

(aa) to determine, in writi ng, on an annual basis, whether each trustee of the entity is promoting the financial interests of the beneficiaries of the fund, as assessed against benchmarks specified in regulations made for the purposes of this subparagraph;

(5) Amendment (2), item 6, after subsection 52(10), insert:

(10A) In comparing a choice product with the comparable choice products in relation to the choice product, the trustees must compare each of the following:

(a) the fees and costs that affect the return to the beneficiaries holding the choice products;

(b) the return for the choice products;

(c) the level of investment risk for the choice products;

(d) any other matter specified in the prudential standards.

(6) Amendment (3), after item 6, insert:

6A Subsection 196(3)

Omit “2,000”, substitute “2,400”.

(7) Amendment (12), omit the definition of investment option , substitute:

investment option , for a registrable superannuation entity, means:

(a) an investment pool maintained within the entity; or

(b) a financial product made availableto a member of the entity:

(i) that is a managed investment scheme or other pooled investment; and

(ii) in respect of which section 1012I A applies if there is, or will be, a regulated acquisition of the product (within the meaning of that section).

Votes Passed by a small majority

Nobody rebelled against their party.

Party Votes
Cory Bernardi SA Australian Conservatives No
Australian Greens (100% turnout) 9 Yes 0 No
Richard Di Natale Victoria Yes
Mehreen Faruqi NSW Yes
Sarah Hanson-Young SA Yes
Nick McKim Tasmania Yes
Janet Rice Victoria Yes
Rachel Siewert WA Yes
Jordon Steele-John WA Yes
Larissa Waters Queensland Yes
Peter Whish-Wilson Tasmania Yes
Australian Labor Party (80% turnout) 20 Yes 0 No
Catryna Bilyk Tasmania Yes
Carol Brown Tasmania Yes
Doug Cameron NSW Yes
Kim Carr Victoria Yes
Jacinta Collins Victoria Yes
Patrick Dodson WA Yes
Don Farrell SA Yes
Alex Gallacher SA Yes
Kristina Keneally NSW Yes
Chris Ketter Queensland Yes
Kimberley Kitching Victoria Yes
Jenny McAllister NSW Yes
Malarndirri McCarthy NT Yes
Claire Moore Queensland Yes
Deborah O'Neill NSW Yes
Louise Pratt WA Yes
Lisa Singh Tasmania Yes
David Smith ACT Yes
Murray Watt Queensland Yes
Penny Wong SA Yes
Anthony Chisholm Queensland Absent
Gavin Marshall Victoria Absent
Helen Polley Tasmania Absent
Glenn Sterle WA Absent
Anne Urquhart Tasmania Absent
Centre Alliance (100% turnout) 0 Yes 2 No
Stirling Griff SA No
Rex Patrick SA No
Nigel Scullion NT Country Liberal Party No
Derryn Hinch Victoria Derryn Hinch's Justice Party Yes
Sue Lines WA Deputy President Yes
Tim Storer SA Independent Yes
Steve Martin Tasmania 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
Slade Brockman WA No
Richard Colbeck Tasmania No
Mathias Cormann WA No
Jonathon Duniam Tasmania No
David Fawcett SA 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
Simon Birmingham SA Absent
Michaelia Cash WA 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% turnout) Absent
Peter Georgiou WA Absent
Pauline Hanson Queensland Absent
Scott Ryan Victoria President No
Brian Burston NSW United Australia Party Absent
Totals (80% turnout) 32 Yes – 28 No