Michael Sukkar (Deakin, Liberal Party, Assistant Treasurer) Share this | Hansard source

I present the explanatory memorandum to this bill, and I move:

That this bill be now read a second time.

Increased consumer choice underpins the coalition government's plan for a stronger economy in ensuring all Australians get a fair go, especially in retirement.

This bill delivers on a commitment made in the 2018-19 budget to increase the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six.

SMSFs are often used, as many Australians will know, by families as a vehicle for managing their own super savings and investment strategies. For families with more than four members, currently the only real options are to create two SMSFs (which, obviously, incurs extra costs) or place their super in a large fund. This ultimately limits their choice and, of course, flexibility.

By allowing groups of five or six people to participate in an SMSF or small APRA fund, the bill supports greater consumer choice. It provides increased flexibility for Australians to manage their retirement savings, and particularly does so for those Australians with larger families.

I therefore commend the bill to the chamber.

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