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Thursday, 14 February 2019
Page: 10353

Senator WHISH-WILSON (Tasmania) (19:27): I withdraw the amendments on sheet 8557 revised. I seek leave to move the Greens amendments on sheet 8635 revised together.

Leave granted.

Senator WHISH-WILSON: The Greens oppose schedule 2 in the following terms

(6) Schedule 2, item 1, page 12 (line 6) to page 14 (line 24), sections 68AAB and 68AAC, TO BE OPPOSED.

(14) Schedule 2, items 4 and 5, page 17 (line 23) to page 19 (line 35), TO BE OPPOSED.

Very quickly, in the few minutes that we have left: this retains group insurance as an opt-out for people under 25 and for people with account balances of less than $6,000. It amends the definition of 'inactivity' to a continuous period of 16 months. It amends the definition of 'inactivity' so that people who change their investment options, alter their insurance cover or nominate a beneficiary are considered active. It requires the ATO to consolidate accounts within 28 days. We originally had a delay of commencement to 1 January 2020, but that has been removed in the revised amendment.

The TEMPORARY CHAIR ( Senator Gallacher ): It being 7.30, the time allotted for consideration of the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 and other bills listed in the variation to routine of business agreed to this morning has expired.

The CHAIR: The question is that sections 68AAB and 68AAC in item 1 and items 4 and 5 of schedule 2 stand as printed.