Bernie Ripoll (Oxley, Australian Labor Party) Share this | Hansard source

I am pleased to speak on the Superannuation Legislation Amendment (Early Release of Superannuation) Bill 2011. I have already made some comments on this bill, but I made them in another form: a report made in my role as Chairman of the Parliamentary Joint Committee on Corporations and Financial Services. This is a non-controversial bill—it is about acknowledging a practice that currently exists and tidying up the legislation.

The bill proposes to move the responsibility for the administration of the early release on compassionate grounds of benefits in a retirement savings account or of superannuation benefits in an entity regulated by the Australian Prudential Regulation Authority from APRA to the Chief Executive Officer of Medicare. Similarly, the bill proposes to transfer the general administration of the early release of superannuation funds on compassionate grounds from the Commissioner of Taxation to the Chief Executive Officer of Medicare. The bill formalises an arrangement that has been in place since 3 February this year, when APRA and Medicare Australia entered into a service delivery agreement for Medicare Australia to carry out the day-to-day functions of the administration of the early release of superannuation in APRA-regulated superannuation entities under delegation from APRA. At the same time, the day-to-day functions of the administration of the early release of superannuation and superannuation funds under delegation from the Commissioner of Taxation was transferred from APRA to Medicare Australia.

There is no extra cost associated with this bill. Part 2 of schedule 1 of the bill amends the APRA Act 1998 so that the industry levy associated with the administration of the early release of superannuation benefits currently paid to APRA can be properly transferred to Medicare Australia to meet administrative costs. To support this arrangement, APRA officers were transferred to Medicare Australia in February this year to undertake the administration of the early release function.

The bill was referred to the Parliamentary Joint Committee on Corporations and Financial Services for consideration. The committee supports and endorses moves to formalise the interim arrangements that have been in place for over six months now, and after consideration of the evidence the committee agreed not to inquire further into this bill and recommended that the House pass the bill—it is non-controversial. This bill is simply a formalisation of arrangements that are currently in place, and I recommend it.

(Quorum formed) In respect for my colleagues, rather than give them the full 15 minutes I had left of my speech, can I just say that this is a good amendment, it is a good bill. It actually is supported by the other side. As to why they would want to interrupt the debate, I am not sure. I recommend the bill to the House.

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