Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

The government is very confident that the compliance measures that Senator Cameron is referring to are being implemented competently by the very hardworking officials at the Department of Human Services. We are very confident that the automation of income stream reviews will deliver appropriate efficiencies, which will be delivered in a competent way. You would expect me to say that.

The current regular superannuation and income stream review process will be automated by requiring income stream providers to provide recipient data on income streams directly to the Department of Human Services. This change will apply to all income streams, including account-based income streams, term annuities and defined benefit income streams. The outcomes of this policy will be reduced red tape and regulatory costs for income support recipients. So it seems better for income stream recipients and income stream providers through reducing double-handling and the need for income stream providers to provide information to recipients, which they in turn have to provide to DHS. This is a measure that really makes the system more user-friendly, both for the DHS clients and for the relevant providers.