Rebekha Sharkie (Mayo, Centre Alliance) Share this | Hansard source

I rise in strong support of the Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019. Centre Alliance has always supported individuals being the masters of their own financial destiny. For most Australians their superannuation balance determines their financial security in retirement. It is only right and proper that the critical decision on which superannuation fund workers choose to direct their money towards is placed in their hands, in the hands of workers and employees, not in the hands of either businesses or unions. It is well past time that workers should not be forced into particular funds against their choice. This is why Centre Alliance supports workers having their choice of superannuation fund for workplace determinations and enterprise agreements from 1 July 2020. Centre Alliance wrote to Minister Hume in July last year to request these changes, as well as the removal of the loophole that allowed employers to claim salary sacrifice super as employer contributions. I am grateful to the minister for following through on both of these important provisions.

A number of constituents have raised this issue with me. The most common complaint is the from university staff who work casually or part-time and are forced into UniSuper instead of being able to contribute to their pre-existing funds. Because these staff work limited hours, their UniSuper accounts are just eaten away by fees, rather than accumulating within their usual super funds. It is not the intention of the superannuation system to siphon employees' entitlements and add to employers' wage bills only to lose it out to unnecessary and unavoidable fees.

Whilst on balance I would have preferred that the power to choose your own superannuation fund was extended to existing workplace determinations and enterprise agreements, I recognise the practical concerns around disruption and the cost of compliance, especially to small businesses. The bill before us is a reasonable and pragmatic compromise.

I want to make clear that I have no problem at all with working Australians being defaulted into specific superannuation funds. There is, after all, a huge range of funds, and deciding which to choose can be daunting for many. However, I cannot stress enough that the worker should have the power to choose. That is what this bill does. I therefore commend this bill to the House.

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