Katy Gallagher (ACT, Australian Labor Party, Shadow Minister for Finance) Share this | Hansard source

I move the second reading amendment on sheet 8920:

At the end of the motion, add: ", but the Senate:

(a) is of the opinion that:

  (i) every Australian deserves a dignified retirement,

  (ii) Australians are proud of our world-class superannuation system,

  (iii) drawing down on superannuation when the market is at historic lows will have negative implications for most Australians, and should only be an option of last resort, and

  (iv) the administrative arrangements specified in Schedule 13 of the Coronavirus Economic Response Package Omnibus Bill 2020 will not ensure that Australians in genuine hardship receive prompt payment from their superannuation fund; and

(b) calls on the Government to:

  (i) ensure that ordinary Australians have access to the right information and advice in times of hardship by increasing funding for financial counselling and the Centrelink Financial Information Service,

  (ii) closely monitor the financial advice industry to ensure that early release claimants are not provided with inaccurate advice,

  (iii) table a letter from the Chair of the Australian Prudential Regulation Authority, certifying that the implementation of Schedule 13 will have no systemic impacts on the superannuation system, and

  (iv) consult with industry, unions, and representatives of other political parties before the implementation of the measures in Schedule 13, noting the potentially significant, negative impact on the retirement outcomes of ordinary Australians".