Mr SLIPPER (11:29 AM) —I move:

That the bill be now read a second time.

This bill is part of a package of four bills that, amongst other things, provide for changed administrative arrangements for the Commonwealth's superannuation schemes for its civilian employees.

Part of the proposed changes to the administrative arrangements for the Commonwealth's superannuation schemes is the abolition of the office of Commissioner for Superannuation and the transfer of the Commonwealth's responsibilities to a new Commonwealth Superannuation Board. Because the commissioner has a statutory responsibility under the Defence Force Retirement and Death Benefits Act 1973, consequential amendments to that act are required.

The relationship between the trustees of the Commonwealth's civilian schemes and the organisation known as Commonwealth Superannuation Administration, or ComSuper, will also be different under the changed administrative arrangements. Consequential amendments to the Military Superannuation and Benefits Act 1991 are required to make similar changes in relation to the scheme provided for under that act.

In addition, the changed administrative arrangements provide for the repeal of the Superannuation (Productivity Benefit) Act 1988, which currently provides a minimum level of superannuation in certain circumstances in relation to the Governor-General and members of the scheme provided for by the Judges' Pensions Act 1968. This bill will ensure that the minimum level of superannuation continues to be provided in those circumstances. The bill also makes a minor amendment to the CFM Act 1991 required as a result of the sale of Commonwealth Funds Management in 1996 and not included in amending legislation at that time.

Financial Impact

This bill does not involve any additional budget outlays. I commend the bill to the House. I also present the explanatory memorandum to this bill.

Debate (on motion by Mr O'Connor) adjourned.