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SUPERANNUATION LEGISLATION AMENDMENT (FURTHER MYSUPER AND TRANSPARENCY MEASURES) BILL 2012

A message from the House of Representatives was reported transmitting for the concurrence of the Senate the following bill:

 Message no. 564, dated 29 November 2012—A Bill for an Act to amend the law in relation to superannuation and for related purposes.

The Minister for Finance and Deregulation (Senator Wong) moved—That this bill may proceed without formalities and be now read a first time.

Question put and passed.

Bill read a first time.

Senator Wong moved—That this bill be now read a second time.

Explanatory memorandum: Senator Wong tabled a revised explanatory memorandum relating to the bill.

Debate ensued.

Limitation of debate: The time allotted for the consideration of this bill expired.


Question—That this bill be now read a second time—put and passed.

Bill read a second time.

The following amendments circulated by the Opposition were considered:

 Schedule 4, item 5, page 54 (line 22), omit "for defined benefit members".

 Schedule 4, item 5, page 54 (before line 23), before subsection 149A(1), insert:

  (1A) A modern award must include a term that permits an employer covered by the award to make contributions, for the benefit of an employee covered by the award who is a default fund employee, to any superannuation fund that offers a MySuper product.

   Note: An employer may make contributions under this term even if the superannuation fund to which the contributions are made is not specified in the modern award.

 Schedule 4, item 6, page 55 (line 20), omit "section 149A", substitute "subsection 149A(1)".

Question—That the amendments be agreed to—put.

The Senate divided—

AYES, 31

Senators—

Abetz

Back

Bernardi

Birmingham

Boyce

Brandis

Bushby (Teller)

Cash

Colbeck

Cormann

Edwards

Eggleston

Fawcett

Fierravanti-Wells

Fifield

Humphries

Johnston

Joyce

Kroger

Macdonald

Madigan

Mason

Nash

Parry

Payne

Ruston

Ryan

Scullion

Smith

Williams

Xenophon

NOES, 35

Senators—

Bilyk

Bishop

Brown

Cameron

Carr, Kim

Collins

Conroy

Crossin

Di Natale

Faulkner

Feeney

Furner

Gallacher

Hanson-Young

Hogg

Ludlam

Ludwig

Marshall

McEwen (Teller)

McLucas

Milne

Moore

Polley

Pratt

Rhiannon

Siewert

Singh

Stephens

Sterle

Thistlethwaite

Urquhart

Waters

Whish-Wilson

Wong

Wright

Question negatived.

Question—That the remaining stages of this bill be agreed to and this bill be now passed—put and passed.

Bill read a third time.