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Tuesday, 28 September 1993
Page: 1279


Senator ROBERT RAY (Minister for Defence) (4.14 p.m.) —I move:

  That these bills now be read a second time.

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

  Leave granted.

  The speeches read as follows

OCCUPATIONAL SUPERANNUATION STANDARDS AMENDMENT BILL 1993

  The Occupational Superannuation Standards Amendment Bill 1993 forms part of the package of seven cognate bills which are being introduced today to give effect to the new prudential arrangements for superannuation announced by the Treasurer on 21 October 1992.

The Occupational Superannuation Standards Amendment Bill 1993 provides:

for the repeal of provisions relating to prudential compliance standards that have been taken up in the Superannuation Industry (Supervision) Bill 1993; and

new provisions setting out the arrangements for collection of levies to be imposed under the Superannuation (Financial Assistance Funding) Levy Bill 1993 and the Superannuation (Rolled-Over Benefits) Levy Bill 1993.

The measures provided for in this Bill complement other measures in the various companion Bills I am also introducing today which together will strengthen substantially the framework of prudential supervision of the industry.

I commend the Occupational Superannuation Standards Amendment Bill 1993 to the Senate and present the related Explanatory Memorandum.

SUPERANNUATION SUPERVISORY LEVY AMENDMENT BILL 1993

  The Superannuation Supervisory Levy Amendment Bill 1993 forms part of the package of seven cognate bills which are being introduced today to give effect to the new prudential arrangements for superannuation announced by the Treasurer on 21 October 1992.

The Superannuation Supervisory Levy Amendment Bill 1993 makes amendments to the Superannuation Supervisory Levy Act 1991 arising from the repeal of certain sections of the Occupational Superannuation Standards Act 1987 and its replacement with this legislative package.

The measures provided for in this Bill complement other measures in the various companion Bills I am also introducing today which together will strengthen substantially the framework of prudential supervision of the industry.

I commend the Superannuation Supervisory Levy Amendment Bill 1993 to the Senate and present the related Explanatory Memorandum.

  Debate (on motion by Senator O'Chee) adjourned.