Summary

Edit

The majority voted in favour of a motion to leave schedule 3 unchanged - in parliamentary jargon, they voted that schedule 3 "stand as printed." That schedule relates to best financial interests duty.

What is this bill's main idea?

According to the bill homepage, the bill was introduced to:

  • provide that if a new employee has an existing 'stapled' superannuation fund and does not choose a fund to receive contributions, their employer is required to make contributions on behalf of the employee into the stapled fund; and ensure that employers are not in breach of various rules, or are not liable for superannuation guarantee charge, in certain circumstances;
  • require the Australian Prudential Regulation Authority to conduct an annual performance test for MySuper products and other products to be specified in regulations;
  • require trustees of registrable superannuation entities and self managed superannuation funds and directors of the corporate trustee of a registrable superannuation entity to perform their duties and exercise their powers in the best financial interests of the beneficiaries;
  • reverse the evidential burden of proof for the best financial interests duty so that the onus is on the trustee of a registrable superannuation entity;
  • allow regulations to be made to prohibit certain payments made by trustees of registrable superannuation entities and prescribe additional requirements on trustees and directors of trustee companies of registrable superannuation entities;
  • allow contraventions of record-keeping obligations specified in regulations to be subject to a strict liability offence; and
  • remove an exemption from disclosing information about certain investments under the portfolio holdings disclosure rules.

Votes Passed by a small majority

Nobody rebelled against their party.

Party Votes
Australian Greens (100% turnout) 0 Yes 9 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
Lidia Thorpe Victoria No
Larissa Waters Queensland No
Peter Whish-Wilson Tasmania No
Australian Labor Party (76% turnout) 0 Yes 19 No
Tim Ayres NSW No
Carol Brown Tasmania No
Kim Carr Victoria No
Anthony Chisholm Queensland No
Raff Ciccone Victoria No
Patrick Dodson WA No
Alex Gallacher SA No
Nita Green Queensland No
Jenny McAllister NSW No
Malarndirri McCarthy NT No
Deborah O'Neill NSW No
Helen Polley Tasmania No
Louise Pratt WA No
Tony Sheldon NSW No
Glenn Sterle WA No
Anne Urquhart Tasmania No
Jess Walsh Victoria No
Murray Watt Queensland No
Penny Wong SA No
Catryna Bilyk Tasmania Absent
Don Farrell SA Absent
Katy Gallagher ACT Absent
Kristina Keneally NSW Absent
Kimberley Kitching Victoria Absent
Marielle Smith SA Absent
Stirling Griff SA Centre Alliance Absent
Sam McMahon NT Country Liberal Party Absent
Sue Lines WA Deputy President No
Rex Patrick SA Independent No
Jacqui Lambie Tasmania Jacqui Lambie Network Yes
Liberal National Party (100% turnout) 2 Yes 0 No
Matthew Canavan Queensland Yes
James McGrath Queensland Yes
Liberal Party (86% turnout) 25 Yes 0 No
Eric Abetz Tasmania Yes
Alex Antic SA Yes
Simon Birmingham SA Yes
Andrew Bragg NSW Yes
Slade Brockman WA Yes
Michaelia Cash WA Yes
Claire Chandler Tasmania Yes
Richard Colbeck Tasmania Yes
Jonathon Duniam Tasmania Yes
David Fawcett SA Yes
Concetta Fierravanti-Wells NSW Yes
Sarah Henderson Victoria Yes
Hollie Hughes NSW Yes
Jane Hume Victoria Yes
Andrew McLachlan SA Yes
Matt O'Sullivan WA Yes
James Paterson Victoria Yes
Linda Reynolds WA Yes
Anne Ruston SA Yes
Paul Scarr Queensland Yes
Zed Seselja ACT Yes
Ben Small WA Yes
Dean Smith WA Yes
Amanda Stoker Queensland Yes
David Van Victoria Yes
Wendy Askew Tasmania Absent
Jim Molan NSW Absent
Marise Payne NSW Absent
Gerard Rennick Queensland Absent
National Party (100% turnout) 3 Yes 0 No
Perin Davey NSW Yes
Susan McDonald Queensland Yes
Bridget McKenzie Victoria Yes
Pauline Hanson's One Nation Party (100% turnout) 2 Yes 0 No
Pauline Hanson Queensland Yes
Malcolm Roberts Queensland Yes
Scott Ryan Victoria President Yes
Totals (84% turnout) 34 Yes – 30 No