5 years ago
RECONSIDER DECISION TO REFUSE SENATE HEARING
STEPHEN JONES MP
Labor has called on the Government to allow more scrutiny of its Bill to alter the group life insurance cover provided to thousands of workers through their superannuation fund.
In a letter to Assistant Minister Jane Hume, Shadow Minister for Financial Services Stephen Jones called on the Government to reconsider its decision to refuse a hearing for the Senate Committee inquiry into the Treasury Laws Amendment (Putting Members Interest First) Bill 2018.
The Bill is of significant public interest, given its impact on worker’s superannuation balances and their access to affordable Life Insurance cover.
Labor wants to avoid any unintended consequences on workers in high-risk industries. Workers in these industries are significant more likely to claim on life and TPD insurance policies at all ages. Removing default insurance for these workers may lead to disastrous consequences for their families
Submissions from industry stakeholders show their concern with the proposed start date, a concern that is shared by the Australian Prudential Regulation Authority (APRA) whose submission noted that “requiring superannuation funds to implement the changes in the required timeframe will pose significant challenges for industry”.
There’s no good reason to refuse a hearing.
That’s why Labor is calling on the Government to reconsider its decision.
Labor is willing to work with the Government on both timelines and legislation to protect the superannuation balances of low-income workers while avoiding unintended consequences for workers in high risk industries.
Given the Bill’s significant impact on Australian worker’s superannuation balances and access to affordable life insurance cover the Government should immediately reconsider its decision to refuse the hearing.
In a letter to Assistant Minister Jane Hume, Shadow Minister for Financial Services Stephen Jones called on the Government to reconsider its decision to refuse a hearing for the Senate Committee inquiry into the Treasury Laws Amendment (Putting Members Interest First) Bill 2018.
The Bill is of significant public interest, given its impact on worker’s superannuation balances and their access to affordable Life Insurance cover.
Labor wants to avoid any unintended consequences on workers in high-risk industries. Workers in these industries are significant more likely to claim on life and TPD insurance policies at all ages. Removing default insurance for these workers may lead to disastrous consequences for their families
Submissions from industry stakeholders show their concern with the proposed start date, a concern that is shared by the Australian Prudential Regulation Authority (APRA) whose submission noted that “requiring superannuation funds to implement the changes in the required timeframe will pose significant challenges for industry”.
There’s no good reason to refuse a hearing.
That’s why Labor is calling on the Government to reconsider its decision.
Labor is willing to work with the Government on both timelines and legislation to protect the superannuation balances of low-income workers while avoiding unintended consequences for workers in high risk industries.
Given the Bill’s significant impact on Australian worker’s superannuation balances and access to affordable life insurance cover the Government should immediately reconsider its decision to refuse the hearing.