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Thursday, 30 September 1993
Page: 1464


Senator WATSON —I give notice that, on the next day of sitting, I shall move:

  That the time for the presentation of the report of the Select Committee on Superannuation on the Occupational Superannuation Standards Amendment Bill 1993 and six related superannuation bills as referred to the committee by the third report of the Selection of Bills Committee be extended to on or before the last sitting day in October 1993.

I seek leave to make a brief statement relating to the notice I have just given.

  Leave granted.


Senator WATSON —The committee has a long-standing reference to inquire into legislation to implement the recommendations of its first report entitled Safeguarding Super. In essence the package of superannuation bills before the Senate embodies the much needed reform to the prudential control and supervision of superannuation funds.

  In accordance with its terms of reference and in anticipation of the introduction of these bills in the Senate, the committee has already conducted hearings in Sydney, Melbourne and Canberra, taking evidence from 60 witnesses. The committee has found the legislation to be both far reaching and complex. It is with this point in mind that a detailed and well argued report will need to be prepared and placed before the Senate. Also the committee is working closely with the ISC.  Accordingly, I seek the agreement of honourable senators for the report on these superannuation bills to be tabled on or before the last day of sitting in October.