Lucy Wicks (Robertson, Liberal Party) Share this | Hansard source

[by video link] I rise to speak in support of the Treasury Laws Amendment (2021 Measures No. 6) Bill 2021. I will just make a couple of brief comments. This bill is part of the Morrison government's economic plan to deliver for Australians right across the country. It has five key schedules which address a broad range of issues, including large-scale energy generation shortfall changes, industry codes under the Competition and Consumer Act 2010, requirements for superannuation funds and, importantly, measures to improve the visibility of superannuation assets in family law proceedings.

Schedule 1 of the bill addresses the large-scale generation shortfall charge. Currently, energy retailers and other liable entities must relinquish large-scale generation or pay a shortfall charge. If businesses later surrender outstanding certificates within the allowable time frame, they receive a refund of this charge. The establishment of this process was intended to provide flexibility to assist businesses to manage the cost of compliance. These amendments make it clear that energy businesses will not be taxed on the amount of shortfall charges refunded. The bill will also ensure that the market for large-scale generation certificates works as intended, meeting targets for clean energy while minimising costs for consumers. There are no changes to renewable energy targets and no decrease in penalties for noncompliance.

The Morrison government's plan for our energy markets will continue to help drive down power prices and reduce emissions. Our focus remains on bringing the cost of new technology down, rather than raising the cost of traditional sources, such as coal and gas, that continue to play an important role in our energy mix. It's our 'technology not taxes' approach that will continue to help guarantee access to affordable and reliable power for Australian households and businesses, including in my electorate of Robertson. I really do hear regularly from Central Coast business owners, like Anthony from Clarke Dowdle & Associates, about how important lower electricity prices are to his business. Anthony told me that lower power bills reduce his overall business expenses, meaning that he can continue to employ local residents in his small business at Umina Beach. I know that the government will continue to work to deliver for hardworking households and businesspeople like Anthony right around Australia.

Schedule 2 of the bill addresses industry code penalties under the Competition and Consumer Act 2010. This includes establishing a more effective enforcement regime to encourage greater compliance with industry codes of conduct. Penalties will be increased across a range of areas. For industry codes generally the maximum civil monetary penalty will be increased from 300 to 600 penalty units, while for a breach of the franchising code by a corporation, the maximum civil penalty available will be the greater of $10 million, three times the benefit obtained or 10 per cent of annual turnover. For noncorporations, the maximum civil penalty available will be $500,000.

These changes are important to limit the significant harm that can be caused to the lives and livelihoods of small business franchisees, many of whom are based in my electorate of Robertson, right across the Central Coast and, indeed, around Australia. So appropriate penalties will provide a strong deterrent against breaches of the code and allow the Australian Competition and Consumer Commission to help protect prospective or vulnerable franchisees against exploitative behaviour.

Schedule 3 of the bill addresses a requirement for actuarial certificates for certain superannuation funds. It delivers on the government's commitment to reduce red tape and costs for affected superannuation funds by removing a redundant requirement for trustees to obtain an actuarial certificate in certain circumstances. This measure benefits self-managed superannuation funds and small APRA regulated funds and will apply to assessments from the 2021-22 income year. The Morrison government will continue its focus on reducing bureaucracy and red tape, including in the superannuation sector, ensuring that hardworking people can continue to save for their future.

Schedule 4 of the bill will strengthen industry codes under the Competition and Consumer Act 2010. It will do this by clarifying the industry codes can validly confer powers and functions on third parties for commercial relationships between industry participants. These roles have been established over time as industry codes are regularly reviewed and amended to improve their operation. Industry participants recognise the important role that third parties play in assisting with the administration or regulation of such codes. These amendments will reduce legal risks for the Commonwealth and address unintended ambiguity, promoting confidence and a clearer understanding of the industry codes.

Schedule 5 of the bill will improve the visibility of superannuation assets in family law proceedings. This is an important reform, and the schedule implements measures announced as part of the government's Women's Economic Security Statement 2018, and provides a legislative basis for an information-sharing mechanism. This will allow separated couples undergoing family law proceedings to apply to registries requesting superannuation information of the other party held by the Australian Taxation Office. Parties will then be able to use this to seek up-to-date information from their former partner's fund. We know that superannuation is often one of the most significant assets in a separated couple's asset pool. So with the passage of this legislation, separating couples will have access to faster and fairer family law property settlements, which will make it easier to identify lost or undisclosed superannuation assets and harder for parties to hide or underdisclose assets.

This measure will also assist individuals, particularly women, who are often disproportionately impacted in divorce settlements, to avoid the costs and complexity involved in seeking superannuation information from multiple superannuation funds. The proposed changes will come into effect from 1 April next year. I do hear from a lot of locals residents in my electorate of Robertson on the Central Coast of New South Wales, just about every week, about their struggles with the family law system. We know that relationship breakdowns can have a significant impact on not just former partners but their children, family members and loved ones. Property disputes add further stress at a very, very difficult time, so I do welcome anything that provides greater transparency and clarity for both partners. I commend this bill to the House.

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