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18       Superannuation— Superannuation—Early access

Senator Urquhart, at the request of Senator McAllister and pursuant to notice of motion not objected to as a formal motion, moved general business notice of motion no. 565—That the Senate—

(a)              notes that:

(i)                    our superannuation system is a significant national achievement of which all Australians can be proud, and is the difference between poverty and a decent retirement for most people,

(ii)                  the consequences of someone taking $20,000 out of their superannuation now can be very significant at retirement, especially for young people, and for women, who already retire with around half the superannuation of men, and

(iii)                during this period, adequate government support should be provided so that accessing superannuation is a last resort, not a first port of call for people in hardship;

(b)              reaffirms its commitment to Australia’s world-class superannuation system;

(c)              recognises that:

(i)                    serious flaws in the Government’s early release superannuation program have resulted in fraud, and

(ii)                  despite warnings, including from Labor and the superannuation industry, the Government failed to take sufficient action to address these flaws, designing a system about speed not accuracy, costing individuals thousands of dollars; and

(d)             calls on the Assistant Minister for Superannuation, Financial Services and Financial Technology (Senator Hume) to provide a full explanation of the measures the Government is taking to protect the integrity of our superannuation system and to ensure no further fraud takes place.

Statement by leave : The Minister for Families and Social Services (Senator Ruston), by leave, made a statement relating to the motion.

Question put.

The Senate divided—

AYES, 30

Senators—

Ayres

Gallagher

McKim

Siewert

Bilyk

Griff

O’Neill

Smith, Marielle

Carr

Hanson

Patrick

Urquhart*

Chisholm

Hanson-Young

Pratt

Walsh

Ciccone

Kitching

Rice

Waters

Farrell

Lambie

Roberts

Watt

Faruqi

McAllister

Sheldon

Whish-Wilson

Gallacher

McCarthy

 

 

 

NOES, 26

Senators—

Askew

Davey

McMahon

Ruston

Birmingham

Henderson

O’Sullivan

Ryan

Bragg

Hughes

Paterson

Scarr

Canavan

Hume

Payne

Seselja

Chandler

McDonald

Rennick

Smith, Dean*

Colbeck

McGrath

Reynolds

Van

Cormann

McKenzie

 

* Tellers

Question agreed to.