Senator IAN CAMPBELL (4:10 PM) —I table a revised explanatory memorandum relating to the ANL Sale Bill 1998 and move:

That these bills be now read a second time.

I seek leave to have the second reading speeches incorporated in Hansard .

Leave granted.

The speeches read as follows—

ANL SALE BILL 1998

The ANL Sale Bill contains provisions to facilitate the sale of ANL Limited. In summary, the bill includes provisions with respect to the transfer of employees, employee entitlements, a vesting power, a Ministerial power to direct ANL and removal of access to any tax benefit relating to ANL's accumulated losses. These provisions provide additional flexibility for the sale of ANL and are generally similar to provisions that are contained in other sale legislation.

The bill includes provisions that:

. preserve the pre-sale rights of ANL employees who have long service leave and maternity leave entitlements and certain retirement benefits under Commonwealth legislation while they remain ANL employees;

. clarify that ANL employees' access to Public service mobility rights ceases on sale day;

. ensures that the Safety, Rehabilitation and Compensation Act 1988 continues to apply after the sale in respect of injuries sustained by ANL Group employees covered by the act prior to the sale;

. amends the ANL Act 1956 to remove provisions that would not appropriately apply in the case of a private company, such as the specific statutory protection of trading names;

. preserves the post sale operation, in respect of events occurring prior to the sale, of a number of acts such as the Crimes (Superannuation Benefits) Act 1989, the Director of Public Prosecutions Act 1983 and the Judiciary Act 1903;

. removes ANL from the operation of a number of acts which apply to Commonwealth-controlled entities, such as the Administrative Decisions (Judicial Review) Act 1977, the National Crime Authority Act 1984, and the Occupational Health and Safety (Commonwealth Employment Act 1991;

. ends ANL's future liability under the Commonwealth Borrowing Levy Act 1987;

. provides powers to vest specified ANL assets, contractual rights and obligations and liabilities in specified persons;

. allows the transfer by the Commonwealth or Commonwealth subsidiaries of assets, contractual rights and obligations and liabilities that have been vested in the Commonwealth to specified persons;

. allows for the provision of ANL assistance to the Commonwealth;

allows for the use and disclosure of information by ANL or the Commonwealth;

. amends the ANL Act 1956 to provide a Ministerial power of direction to ANL;

. removes the availability of ANL tax losses and other benefits from a buyer of ANL; and

. incorporates provisions relating to the transfer of ANL staff to another employer body.

I commend the bill to the Senate.

SUPERANNUATION LEGISLATION AMENDMENT BILL 1997

Madam President, this bill amends the superannuation legislation to strengthen the efficiency and effectiveness of the superannuation supervisory framework.

Superannuation plays a significant role in the Government's commitment to increase national saving and in the Government's retirement income policy. It is therefore vital that an effective regulatory regime is in place and maintained to enhance the security of members' benefits and to ensure that superannuation entities operate for genuine retirement income purposes.

The Superannuation Industry (Supervision) Act 1993 (the SIS Act) provides for the prudential regulation of the superannuation industry by the Insurance and Superannuation Commissioner. An important aspect of prudential regulation is the monitoring and investigation powers of the Commissioner.

This bill will improve the Commissioner's monitoring and investigation powers by increasing the flexibility of the existing powers, expanding the parties to whom they apply and increasing penalties for non-compliance. It is vital to the prudential regulation of superannuation moneys in Australia that the Commissioner have effective monitoring and investigation powers.

Another important aspect of the regulatory framework is the existence of a complaints handling body to deal with members' superannuation complaints. The Superannuation (Resolution of Complaints) Act 1993 (the SRC Act) established the Superannuation Complaints Tribunal to resolve fund member complaints about trustee decisions in a manner that is fair, informal and quick. This bill will enable the efficiency and productivity of the Tribunal to be improved, including by allowing single member review panels. This will enhance the Tribunal's role in promoting public confidence in the superannuation regime.

The bill also contains a number of measures which will finetune and clarify the operation of the supervisory framework which will assist trustees in discharging their obligations to fund members.

In conclusion, this bill implements miscellaneous amendments to maintain and strengthen the superannuation supervisory framework. The amendments will increase the efficiency and effectiveness of the regulatory regime and improve confidence in the superannuation system more generally.

I commend the bill to the Senate.

Debate (on motion by Senator Carr) adjourned.

Ordered that the bills be listed on the Notice Paper as separate orders of the day.