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 6 SUPERANNUATION INDUSTRY (SUPERVISION) AMENDMENT BILL 2002

The order of the day having been read for the resumption of the debate on the question—That the Bill be now read a second time—And on the amendment moved thereto by Mr Cox, viz.—That all words after "That" be omitted with a view to substituting the following words: "whilst not declining to give the Bill a second reading, the House:

(1) notes ongoing community concern on the safety of superannuation and the devastating effect of recent cases of theft and fraud on individual fund members;

(2) condemns the Government for its mean-spirited failure to provide 100 per cent compensation, as permitted under legislation, in recent cases of theft and fraud;

(3) demands that the Government immediately amend the Superannuation Industry (Supervision) Act 1993(the SIS Act) to ensure 100 per cent compensation is paid where superannuation savings are lost through theft and fraud; and

(4) calls on the Government to give urgent consideration to further amendments to the SIS Act to expand the definition of an "eligible loss" beyond theft and fraud to include losses resulting from other serious breaches of the Act and extend compensation provisions to certain post-retirement investments"—

Debate resumed.

Amendment negatived.

Question—That the Bill be now read a second time—put and passed—Bill read a second time.

Leave granted for third reading to be moved forthwith.

On the motion of Mr Slipper (Parliamentary Secretary to the Minister for Finance and Administration), the Bill was read a third time.