The Senate Select Committee on Superannuation’s tenure is set to continue and will now look into the Government’s draft regulations on portability.
The committee will inquire into the Draft Superannuation Industry (Supervision) Amendment Regulations 2003 and Draft Retirement Savings Accounts Amendment Regulations 2003 and must report by August 21.
Its inquiry will focus on four areas, including the extent to which portability of super benefits already exists and the role of current and likely future barriers to portability, including exit fees.
It will also examine the desirability and practicality of the portability regime in the draft regulations, particularly for the existing structures of the super and financial planning industries, and additional consumer protection measures.
These developments have extended the select committee’s life. It was previously meant to terminate on June 30.
Speaking at the recent Australian Superannuation Summit in Sydney, the committee’s chair, Senator John Watson, said: “The renewed thrust by the Government of re-introducing a number of bills, some in modified form, may give temporary extended life to the committee.
“This committee is the longest running Senate Select Committee of the Parliament. However, it would appear that other issues like Medicare may give greater political exposure to opposition parties.”
