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SUPERANNUATION LEGISLATION AMENDMENT BILL 1985

Order of the Day read for the adjourned debate on the motion of the Minister for Industry, Technology and Commerce (Senator Button)-That this Bill be now read a second time.

Debate resumed.

Question-put and passed.

Bill read a second time.

The Senate, according to Order, resolved itself into Committee for the consideration of the Bill.

In the Committee

Bill, by leave, taken as a whole.

Senator Siddons, by leave, moved the following amendments together:

Page 2, paragraph 4 (b), line 9, leave out "" "fortnightly rate of salary' '', insert "" "Trust' or "Investment Trust' ''.

Page 2, paragraph 4 (b), line 11, leave out ""full-time''.

Pages 4 and 5, paragraph 7 (1) (a), proposed new sub-section 30 (1), paragraphs (a), (b), (c) and (d), line 38 (page 4) to line 3 (page 5), leave out the paragraphs, insert the following new paragraphs:

""(a) a full-time principal member nominated by the Minister;

(b) a full-time member nominated, in accordance with sub-section (4), by the Australian Council of Trade Unions; and

(c) 3 part-time members elected, in accordance with the regulations, by all eligible employees by secret ballot conducted by the Australian Electoral Commission.''.

Page 5, paragraph 7 (1) (a), after proposed new sub-section 30 (1), add the following new sub-section:

"" "(1A) The regulations made for the purpose of paragraph (1) (c) shall prescribe for elections held under that paragraph a system of election which is, as near as is practicable, the same as the Hare-Clark proportional representation system set out in Schedule 4 of the Electoral Act 1907 of Tasmania.'.''.

Page 5, paragraph 7 (1) (b), proposed new sub-section 30 (3), lines 6 to 8, leave out the sub-section, insert the following new sub-sections:

""(3) The members nominated under paragraphs (1) (a) and (b) shall be persons with knowledge and expertise in finance, industrial relations, superannuation and investment.

""(3A) The persons elected under paragraph (1) (c)-

(a) shall be nominated by no less than 200 eligible employees; and

(b) shall provide, at the time of their nomination, a written statement of their knowledge and expertise in the matters referred to in sub-section (3).''.

Page 5, proposed new paragraphs 7 (1) (c) and 7 (1) (d), lines 13 to 17, leave out the paragraphs, insert the following new paragraph:

""(c) by omitting sub-section (6) and substituting the following sub-section:

"(6) Each member of the Trust shall hold office for 5 years.';''.

Page 5, paragraph 7 (1) (e), line 19, leave out ""full-time''.

Page 5, sub-clause 7 (4), line 44, leave out ""the member of the Trust referred to in paragraph 30 (1) (d)'', insert ""a member of the Trust referred to in paragraph 30 (1) (c)''.

Page 6, after sub-clause 7 (4), insert the following new sub-clause:

""(4A) Sub-section 30 (6) of the Principal Act as amended by this section shall have effect in respect of each member of the Trust appointed after the commencement of this Act.''.

Page 6, clause 8, proposed new sub-section 30B (1), line 18, leave out ""full-time''.

Page 7, clause 8, proposed new paragraph 30B (8) (b), line 10, leave out ""full-time''.

Page 7, paragraph 9 (a), line 14, leave out ""full-time''.

Page 7, clause 10, lines 19 and 21, leave out ""full-time'' (twice occurring).

Page 9, paragraph 13 (d), line 20, leave out ""full-time''.

Page 10, clause 14, proposed new sub-sections 36 (2) and (3), leave out ""full-time'' (wherever occurring).

Page 10, clause 14, proposed new sub-section 36 (4), lines 20 to 23, leave out ""the full-time union-nominated member, or as a part-time member referred to in paragraph 30 (1) (c)'', insert ""the union-nominated member''.

Page 10, clause 14, proposed new sub-section 36 (9), lines 39 and 42, leave out ""full-time'' (twice occurring).

Debate ensued.

Question-That the amendments be agreed to-put.

The Committee divided-

AYES, 5

Senators- Chipp Haines (Teller) Mason Siddons Vigor

NOES, 54

Senators- Aulich Baume, Michael Baume, Peter Black Bolkus Brownhill Carrick, Sir John Chaney Childs Coates Collard Colston Cook Cooney Crichton-Browne Crowley Devlin Durack Foreman Georges Gietzelt Giles Grimes Guilfoyle, Dame Margaret Hamer Hill Jessop Jones Lewis McClelland MacGibbon McIntosh Maguire Messner Missen Morris Parer Puplick Rae, Peter Reid (Teller) Robertson Ryan Sheil Short Sibraa Tate Teague Townley Vanstone Walsh Walters Watson Withers Zakharov

Amendments negatived accordingly.

Senator Messner, by leave, moved the following amendments together:

Page 2, clause 4, leave out paragraph (b).

Page 2, clause 4, leave out paragraph (e).

Pages 4 and 5, paragraph 7 (1) (a), proposed new sub-section 30 (1), paragraphs (a), (b), (c) and (d), line 38 (page 4) to line 3 (page 5), leave out the paragraphs, insert the following new paragraphs:

""(a) a full-time principal member nominated by the Minister;

(b) 1 part-time member nominated by the Minister after consultation with employees' associations representative of contributors of the Fund; and

(c) 3 part-time members nominated by the Minister after consultation with the Securities Institute of Australia, the Life Insurance Federation of Australia, the Australian Bankers' Association, the Australian Merchant Bankers' Association and the Actuaries Institute of Australia.''.

Page 5, paragraph 7 (1) (b), proposed new sub-sections 30 (3) and (4), leave out the sub-sections, insert the following new sub-section:

""(3) In making appointments of persons as members of the Trust, the Governor-General shall ensure that, so far as is practicable, a person is not appointed unless that person has experience and expertise in finance, industrial relations, superannuation and investment.''.

Page 5, paragraph 7 (1) (c), lines 14 and 15, leave out ""and the full-time union-nominated member''.

Page 5, paragraph 7 (1) (e), lines 19 and 20, leave out ""or as the full-time union-nominated member''.

Page 5, sub-clause 7 (4), line 44, leave out ""the member of the Trust referred to in paragraph 30 (1) (d)'', insert ""a member of the Trust referred to in paragraph 30 (1) (c)''.

Page 6, clause 8, proposed new sub-section 30B (1), line 18, leave out ""the full-time union-nominated member'', insert ""a part-time member''.

Page 6, clause 8, proposed new sub-sections 30B (4) and (5), leave out the sub-sections.

Page 7, clause 8, proposed new sub-section 30B (7), leave out the sub-section.

Page 7, clause 8, proposed new paragraph 30B (8) (b), line 10, leave out ""the full-time union-nominated member'', insert ""a member''.

Page 7, paragraph 9 (a), lines 13 and 14, leave out ""and the full-time union-nominated member''.

Page 7, clause 10, lines 19 and 21, leave out "", the full-time union-nominated member'' (twice occurring).

Page 9, paragraph 13 (d), lines 19 and 20, leave out ""or the full-time union-nominated member''.

Page 10, clause 14, proposed new sub-section 36 (2), leave out the sub-section.

Page 10, clause 14, proposed new sub-section 36 (3), lines 17 and 18, leave out ""or as the full-time union-nominated member''.

Page 10, clause 14, proposed new sub-sections 36 (4) and (5), leave out the sub-sections.

Page 10, clause 14, proposed new sub-section 36 (9), lines 39 and 40, leave out "", as the full-time union-nominated member''.

Page 10, clause 14, proposed new sub-section 36 (9), line 42, leave out "", the full-time union-nominated member''.

Page 18, clause 25, proposed new sub-section 161 (6), leave out the sub-section.

Debate ensued.

Question-That the amendments be agreed to-put.

The Committee divided-

AYES, 26

Senators- Baume, Peter Brownhill Carrick, Sir John Chaney Collard Durack Guilfoyle, Dame Margaret Hamer Hill Jessop Lewis MacGibbon Messner Missen Parer Puplick Rae, Peter Reid Sheil (Teller) Short Teague Townley Vanstone Walters Watson Withers

NOES, 33

Senators- Aulich Black Bolkus Button Childs Chipp Coates Colston Cook Cooney Crowley Devlin Evans Foreman Georges Gietzelt Giles Grimes Haines Jones McClelland McIntosh Maguire Mason Morris Robertson (Teller) Ryan Sibraa Siddons Tate Vigor Walsh Zakharov

Amendments negatived accordingly.

On the motion of the Minister for Finance (Senator Walsh) the following amendments were, by leave, taken together, debated and agreed to:

Page 1, clause 2, leave out the clause, insert the following new clause:

""2. This Act shall come into operation on the day on which it receives the Royal Assent.''.

Page 5, clause 7, proposed new sub-section 30 (4), leave out the sub-section, insert the following new sub-section:

"" "(4) The Australian Council of Trade Unions shall not nominate a person for appointment under sub-section (1) unless-

(a) the person is a person whose name is among the names of persons submitted to the Australian Council of Trade Unions by relevant industrial organizations as persons appropriate for the nomination; and

(b) the Australian Council of Trade Unions has consulted the relevant industrial organizations in relation to the nomination.';''.

Page 14, clause 22, proposed new paragraph 44B (4) (a), line 25, after ""(other than sections 50E, 50EA and 52)'', insert ""and of the Merit Protection (Australian Government Employees) Act 1984''.

Page 16, clause 23, leave out the clause.

Page 18, clause 25, proposed new sub-section 161 (6), leave out the proposed sub-section, insert the following new sub-sections:

"" "(6) Where the Trust furnishes a report and financial statements to the Minister under sub-section (4), the Minister shall-

(a) cause a copy of the report and a copy of the financial statements to be laid before each House of the Parliament within 15 sitting days of that House after their receipt by the Minister; and

(b) furnish a copy of the report and a copy of the financial statements to the Australian Council of Trade Unions and, upon request made by a relevant industrial organization, to the relevant industrial organization.

"" "(7) A report furnished by the Trust under this section in relation to a year shall include particulars of any statement of policy furnished to the principal member of the Trust by the Minister during that year under sub-section 29A (6), the consideration given by the Trust to that policy and the action (if any) taken by the Trust as a result of that consideration.'.''.

Bill, as amended, agreed to.

Bill to be reported with amendments.

The Acting Deputy-President (Senator MacGibbon) resumed the Chair; and the Chairman of Committees (Senator Hamer) reported accordingly.

On the motion of Senator Walsh the Report from the Committee was adopted.

Senator Walsh moved-That this Bill be now read a third time.

Leave refused: Senator Siddons sought leave to move an amendment to the motion for the third reading.

Objection being raised, leave not granted.

Senator Siddons, pursuant to Standing Order 217, moved-Leave out ""now'', insert ""this day 6 months''.

Debate ensued.

Question-That the word proposed to be left out be left out-put.

The Senate divided

AYES, 32

Senators- Baume, Michael Baume, Peter Brownhill Carrick, Sir John Chaney Chipp Collard Durack Guilfoyle, Dame Margaret Haines Hamer Hill Jessop Lewis MacGibbon Mason Messner Missen Parer Puplick Rae, Peter Reid (Teller) Sheil Short Siddons Teague Townley Vanstone Vigor Walters Watson Withers

NOES, 27

Senators- Aulich Black Bolkus Button Childs Coates Colston Cook Cooney Crowley Devlin Evans Foreman Georges Gietzelt Giles Grimes Jones McClelland McIntosh (Teller) Maguire Morris Robertson Ryan Sibraa Tate Zakharov

And so it was resolved in the affirmative.

Question-That the words proposed to be added be added-put and passed.

Main Question, as amended-put and passed.