Once again, Josh Frydenberg and the Liberals failed to bring any superannuation legislation to a vote today – despite spending all of summer blaming Labor for the Morrison Government’s hopeless record on super.
 
Labor supports the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017. The Government already know this – we’ve told them this repeatedly.
 
As Josh Frydenberg confirmed, the Liberals will use amendments to this bill to start implementing select recommendations of the Royal Commission relating to superannuation – despite claiming it would be “reckless” to start legislating the Royal Commission’s recommendations in an additional sitting fortnight.
 
Labor, of course, will support the Government’s amendments. And again we call on them bring Parliament back in March so that we can implement other critical recommendations from the Royal Commission to protect Australian families and businesses from misconduct.
 
If the Liberals ever bother bring the Member Outcomes 1 Bill on for a vote, Labor will move amendments to crack down further on rorts and rip-offs in the superannuation sector.   
 
Our amendments will force choice superannuation funds to report on their performance like MySuper products. Millions of Australians are being ripped off by underperforming accounts and it is critical that these funds are forced to report on their performance and lift their game. Labor’s technical amendments will significantly strengthen the outcomes test.
 
We will move amendments to increase penalties for dodgy directors to more than $500,000 and make these penalties retrospective from October 2015. Labor will also seek to strengthen APRA’s directions power and increase super funds’ portfolio holdings obligations.
 
We call on the Government to support our amendments and work with us to clean up our financial services sector.
 
There are a number of important reforms to superannuation before the Parliament, but the Liberals refuse to bring these bills on for a vote. They are at best hopelessly incompetent and at worst playing political games with the retirement incomes of millions of Australians.
 
Labor supports the Protecting Your Super and the Member Outcomes 1, and we will be moving amendments to strengthen these bills.   
 
To Josh Frydenberg, we continue to repeat the same message: bring these bills on for a vote. We’re ready. Are you?