Commentary on Amendments and Explanatory Materials [2021] AUSStaCSBSD 136 (23 June 2021)

• Commentary on amendments and explanatory materials

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Commentary on amendments
and explanatory materials

Treasury Laws Amendment (Your Future, Your Super) Bill 2021

1.24 On 15 June 2021, Senator Colbeck tabled a revised explanatory memorandum, and debate was adjourned till the next day of sitting. On 17 June 2021, the Senate agreed to eight Government amendments, the Minister for Superannuation, Financial Services and the Digital Economy (Senator Hume) tabled two supplementary explanatory memoranda relating to the Government amendments, and the bill was read a third time. On 17 June 2021 the House agreed to the Senate amendments, and the bill finally passed both Houses.

1.25 The committee welcomes these amendments, which appear to partially address scrutiny concerns regarding the inclusion of significant matters in delegated legislation by removing provisions which would have allowed the regulations to prescribe additional requirements where failure to comply with the additional requirements would be a contravention of the best financial interests duty.^[14]

1.26 The committee makes no comment on amendments made or explanatory materials relating to the following bills:

• Transport Security Amendment (Serious Crime) Bill 2020;^[15]

• Treasury Laws Amendment (More Flexible Superannuation) Bill 2020.^[16]

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[14] Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 6 of 2021, 21 April 2021, pp. 95–99.

[15] On 16 June 2021, the Senate Committee of the Whole agreed to one Opposition amendment, and the third reading was agreed to.

[16] On 17 June 2021, the Senate agreed to four Pauline Hanson's One Nation amendments, and the bill was read a third time. On 17 June 2021, the House agreed to the Senate amendments, and the bill finally passed both Houses.