Craig Kelly (Hughes, Independent) Share this | Hansard source

I move:

(1) Section 2 (Commencement), where the Bill specifies "the day this Act receives Royal Assent" or "1 July 2021", replace with "1 July 2022"

Note: The intent of amendment 1 is to delay the start of all elements of the legislation until 1 July 2022.

This is very significant legislation that requires an enormous amount of change for the superannuation industry—and much of it justified. However, we are now in June. To have a start date for this legislation of 1 July when it is yet to even go to the Senate is, I believe, rush and haste. When you rush and you do things in haste, you make mistakes. I believe it would be far more prudent and wise of this House if we moved the start date for this legislation to 1 July 2022 rather than 2021. I believe that, if we are doing our job, that would give time for all the vested stakeholders to go through all the detail, and it would be far more prudent for our economy to get the best outcomes, which is what we all require.

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