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Monday, 4 December 2017
Page: 9461


Senator PATRICK (South Australia) (12:45): I rise briefly to put on the record the position of the Nick Xenophon Team on the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017 and the Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017. At this point in time the Nick Xenophon Team is not prepared to support the strengthening trustee arrangements bill.

The Nick Xenophon Team is continuing to negotiate in good faith with Minister O'Dwyer on the accountability and member outcomes in the superannuation measures bill. We hold real concerns about the transparency measures in relation to choice products. We support transparency measures, but we cannot support this bill until we are satisfied there will be consistency, to the extent that it is possible, across MySuper and choice products. I understand the opposition has amendments to move in relation to this issue, but the Nick Xenophon Team is not satisfied that they will have the desired effect. The Nick Xenophon Team is continuing discussions with the minister's office and with the sector in relation to this issue. Mr Acting Deputy President, I understand these bills are being debated as a package; however I ask that the question on the strengthening trustee arrangements bill be put separately.