Senate

Second Reading Speech

Senator DUNIAM (Tasmania - Assistant Minister for Forestry and Fisheries and Assistant Minister for Regional Tourism)

I table the explanatory memorandum related to the bill and move:

That this bill be now read a second time.

And I seek leave to have the second reading speech incorporated in Hansard.

Leave granted.

The speech read as follows-

Increased consumer choice underpins the Coalition Government's plan for a stronger economy in ensuring all Australians get a fair go, especially in retirement.

This Bill delivers on a commitment made in the 2018-19 Budget to increase the maximum number of allowable members in self-managed superannuation funds (SMSFs) and small APRA funds from four to six.

SMSFs are often used by families as a vehicle for managing their own superannuation savings and investment strategies. For families with more than four members, currently the only real options are to create two SMSFs (which would incur extra costs) or place their superannuation in a large fund. This limits their choice and flexibility.

By allowing groups of five or six people to participate in an SMSF or small APRA fund, the Bill supports greater consumer choice. It provides increased flexibility for Australians to manage their retirement savings, particularly those Australians with large families.

I commend the Bill to the chamber.

Debate adjourned.