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

Firstly, I table a supplementary explanatory memorandum relating to the government amendments to be moved to this bill. I seek leave to move government amendments on sheet HU180 together.

Leave granted.

I move government amendments (1) to (16) on sheet HU180:

(1) Clause 2, page 2 (table item 3, column 1), omit "33", substitute "32".

(2) Schedule 1, item 2, page 8 (after line 18), after paragraph 1051(3) (d), insert:

(da) the operator's constitution provides that the Chair of the board of the operator must be an independent person; and

(3) Schedule 1, item 2, page 19 (after line 28), after section 1054B, insert:

1054BA Power to give directions

(1) AFCA may, in connection with, or as part of the process of, determining a superannuation complaint:

(a) give directions prohibiting or restricting the disclosure of documents or information relating to the complaint; and

(b) give directions as to who may be present at any meeting held by AFCA relating to the complaint.

(2) In giving directions, AFCA must have regard to the wishes of the parties in relation to the complaint and the need to protect their privacy.

(3) Directions may be made in writing or orally.

(4) A person must not refuse or fail to comply with a direction under this section.

Penalty: 30 penalty units.

(4) Schedule 1, item 2, page 22 (line 4), at the end of paragraph 1055(6) (c), add:

or (iv) cancel the complainant's membership of the life policy fund or of any sub-plan of the fund;

(5) Schedule 1, item 2, page 24 (line 8), omit "the payment of".

(6) Schedule 1, item 2, page 24 (line 12), omit "the person received, from the decision-maker,", substitute "the decision-maker gave the person".

(7) Schedule 1, item 2, page 24 (line 16), omit "receiving", substitute "being given".

(8) Schedule 1, item 2, page 24 (line 18), omit "receiving", substitute "being given".

(9) Schedule 1, item 2, page 24 (line 20), omit "the person received, from the decision-maker,", substitute "the decision-maker gave the person".

(10) Schedule 1, item 2, page 24 (line 24), omit "receiving", substitute "being given".

(11) Schedule 1, item 2, page 24 (line 26), omit "receiving", substitute "being given".

(12) Schedule 1, item 2, page 24 (line 27), omit "received", substitute "been given".

(13) Schedule 1, item 2, page 24 (line 32), omit "the payment of".

(14) Schedule 1, item 2, page 24 (line 34), omit "receive", substitute "be given".

(15) Schedule 1, item 2, page 25 (line 11), omit "the payment of".

(16) Schedule 1, item 2, page 25 (line 18), omit "receives", substitute "is given".

I advise the chamber that this set of amendments makes a series of non-controversial technical amendments to the bill. It also addresses concerns raised by key stakeholders about the bill's initial draft. The government is proposing these amendments particularly in response to the inquiry into the bill by the Senate Economics Legislation Committee. They will provide additional certainty and clarity around aspects of the Australian Financial Complaints Authority's operations to ensure that it operates as effectively as possible. As I have indicated, the amendments are of a technical nature and respond to key concerns raised by superannuation and consumer stakeholders.