Prev   Next   Return to results list (1 results) Print ListEmail Document Link

Text of bill | Explanatory memoranda | Second reading speeches | Proposed amendments | Schedules of amendments | Bills Digest

Bills of previous Parliaments

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2019


Previous citations:

Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017


Type
Government
Originating house
Senate
Status
Act
Portfolio
Treasury

Summary

Introduced with the Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017, the bill amends the: Superannuation Industry (Supervision) Act 1993 to: require trustees to assess on an annual basis whether the outcomes that are being delivered by MySuper products are promoting the financial interests of MySuper members; allow the Australian Prudential Regulation Authority (APRA) to refuse, or cancel, an authority to offer a MySuper product if it has a reason to believe the registrable superannuation entity (RSE) licensee may fail to comply with its obligations; impose civil and criminal penalties on directors of RSE licensees who fail to execute their responsibilities to act in the best interests of members, or who use their position to further their own interests to the detriment of members; enable APRA to refuse authority for a change in ownership or control where it has concerns about the person seeking ownership or control, give a direction to a person to relinquish control of a RSE licensee and remove or suspend an RSE licensee where it is subject to the control of its owner; align APRA’s directions powers in relation to the superannuation industry with its broader directions powers in the banking and insurance industries; and require RSE licensees to hold annual members’ meetings; Corporations Act 2001 and Superannuation Industry (Supervision) Act 1993 to require superannuation funds to disclose on a semi-annual basis investments that they hold directly or through associated entities and initial investments into non-associated entities; Financial Sector (Collection of Data) Act 2001 to provide APRA with the ability to obtain information on expenses incurred by RSE and RSE licensees in managing or operating the RSE; and Australian Prudential Regulation Authority Act 1998 to make consequential amendments.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

Senate
Introduced and read a first time 14/09/17  
Second reading moved 14/09/17  
Second reading debate 15/11/17  
Second reading debate 16/11/17  
Second reading debate 04/12/17  
Second reading agreed to 14/02/19  
Third reading agreed to 14/02/19 Amendment details: 17 Government (3 as amended by 7 Opposition), 2 Opposition and 3 Australian Greens agreed to
     
House of Representatives
Introduced and read a first time 18/02/19  
Second reading moved 04/04/19  
Second reading debate 04/04/19  
Second reading agreed to 04/04/19  
Third reading agreed to 04/04/19  
     
Finally passed both Houses 04/04/19  
Assent 05/04/19 Act no: 40 - Year: 2019
     

[Information on document types]

Text of bill

  • First reading

MS-Word PDF HTML
  • Third reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML
  • Supplementary explanatory memorandum

MS-Word PDF HTML
  • Supplementary explanatory memorandum

MS-Word PDF HTML
  • Revised explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

Senate
  • Australian Greens [sheet 8639]
WHISH-WILSON, Sen Peter

 MS-Word PDF HTML
  • Australian Greens [sheet 8500]
WHISH-WILSON, Sen Peter

 MS-Word PDF HTML
  • Government [sheet GZ227 revised]

 MS-Word PDF HTML
  • Government [sheet GZ227]

 MS-Word PDF HTML
  • Opposition [sheet 8638 revised]
O'NEILL, Sen Deborah

 MS-Word PDF HTML
  • Opposition [sheet 8301 revised]
GALLAGHER, Sen Katy

 MS-Word PDF HTML

Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (14/09/2017): Senate Economics Legislation Committee; Committee report (23/10/2017)
  • Considered by scrutiny committee (18/10/2017): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 13 of 2017
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)