Nigel Scullion (NT, Country Liberal Party, Minister for Indigenous Affairs) Share this | Link to this | Hansard source

I move:

That this bill may proceed without formalities and be now read a first time.

Question agreed to.

Bill read a first time.

by leave—I move:

That the provisions of paragraphs (5) to (8) of standing order 111 not apply to this bill.

I table a statement of reasons justifying the need for this bill to be considered during this sittings and seek leave to have the statement incorporated in Hansard.

Leave granted.

The statement read as follows—

STATEMENT OF REASONS FOR INTRODUCTION AND PASSAGE IN THE 2015 WINTER SITTINGS

SOCIAL SERVICES LEGISLATION AMENDMENT (DEFINED BENEFIT INCOME STREAMS) BILL

Purpose of the Bill

This Bill will introduce a further 2015 Budget measure improving the fairness and sustainability of the pension system.

From 1 January 2016, the Bill will ensure that a fairer proportion of a superannuant's actual defined benefit income is taken into account when applying the social security income test by introducing a 10 per cent cap on the income that can be excluded from the test. The measure will not apply to military superannuation schemes.

Reasons for Urgency

The measure is intended to be implemented from 1 January 2016. To allow this, significant work needs to be completed on communication products so that customers can be given sufficient notice about future arrangements for their payments. Passage in Winter would permit this work to be completed in time.

Question agreed to.