The SPEAKER (Hon. Peter Slipper) took the chair at 09:00, made an acknowledgement of country and read prayers.
That this bill be now read a second time.
That this bill be now read a second time.
That this bill be now read a second time.
That this bill be now read a second time.
That this bill be now read a second time.
That notice Nos 5 and 7, government business, be postponed until a later hour this day.
That this bill be now read a second time.
That this bill be now read a second time.
That this bill be now read a second time.
People want to know what is happening with the money that goes in to fund health. They do not want it beyond their line of sight; they do not want to wonder whether when one level of government is stepping up to putting more in, perhaps another level of government is taking some out.
That this bill be now read a second time.
That this bill be now read a second time.
That this bill be now read a second time.
That this bill be now read a second time.
That this bill be now read a second time.
That, in accordance with the provisions of the Public Works Committee Act 1969, it is expedient to carry out the following proposed work which was referred to the Parliamentary Standing Committee on Public Works and on which the committee has duly reported to Parliament: Development and construction of housing for the Department of Defence at Ermington, New South Wales.
That, in accordance with the provisions of the Public Works Committee Act 1969, the following proposed work be referred to the Parliamentary Standing Committee on Public Works for consideration and report: Proposed improvement to fuel storage and supply, Christmas Island, Indian Ocean Territories.
That the bill be referred to the Federation Chamber for further consideration.
That, in accordance with the provisions of the Public Works Committee Act 1969, the following proposed work be referred to the Parliamentary Standing Committee on Public Works for consideration and report: Proposed fit-out of Commonwealth Parliament Offices at 1 Bligh Street, Sydney, New South Wales.
That the House take note of the report.
That the order of the day be referred to the Federation Chamber for debate.
We agree that is problematic.
We believe the current wording of the scale test is problematic.
… the scale test is not needed if the trustees have that responsibility to act in the member's best interest.
Our view is that a scale test should not be in law. Not only is it a barrier to entry but the test, as suggested in the current drafting, is very subjective, very open.
We have better supervisory controls over a building society in remote NSW or a credit union in the sticks than we do over a multi-billion-dollar super fund.
… governance in super has not kept up with developments in the industry. There have been difficulties for trustees in understanding what is expected of them and, as the industry consolidates, conflicts of interest and conflicts of duty arise regularly.
Compulsory superannuation is one of the biggest con jobs ever foisted by government on the Australian people.
That this bill be now read a second time.
I believe the Fair Work system is right …
We worked hard to get the balance right and I believe the Fair Work Act is right.
… as a fashion student/designer, if I hand out work to a 'maker/outworker' to sample a design I am obligated by law to employ them with full benefits and entitlements, and that is against the law for me to employ them casually. Further I am aware that in the final form—
all outworkers to be employees for most purposes of the Fair Work Act 2009 … including the National Employment Standards, Superannuation and unfair dismissal laws. As a start-up business, in the beginning it will be challenging to pay myself, never mind employ a ‘maker/ outworker' …
The Fairwork outworker legislation is so restrictive and draconian that it is no longer viable and administrative possible to engage outworkers.
The amendment deems outworkers to be employees …
If the amendment is passed then outworkers and the contractors supplying the work will be required to choose between complying with the Income Tax Act and the Fair Work Act.
The amendment will cause the direct costs of using outworkers to increase … Businesses engaging outworkers will now be liable for unfair dismissal claims.
There is no research to indicate that the exploitation of workers in the clothing industry is greater than other industries.
There is no research which defines the number of outworkers in Australia.
How can such a situation arise; an industry in crisis, no definite knowledge of whether a problem exists, no definite knowledge of the size of the problem, introduction of draconian legislation which will place further costs on production to be carried by small business which cannot be complied with and will not fix the issue.
The major proponent of the legislation is the TCFU(Victoria).
A review of the audited financial statements of the union for the years ended 30 June 2004 to 30 June 2010 shows a 48% fall in membership to 2,617 members.
On current trends by 2015 membership of the TCFU will be nil.
It appears that the reduction in membership income is being replaced by government funding.
For the year ended 30 June 2010 the union received $1.15 million of funding.
The TCFU is fighting for its survival.
Is the exploitation of outworkers issue a ruse run by the union so the government has a reason to keep funding the union?
Special provisions in the Act are not required protect outworkers. The general provisions of the Act together with the Contractors Act and the Income Tax Act are adequate to prosecute and shut any business exploiting outworkers
If we work eight hours a day, five days a week, we would only earn $100 so it is not enough. It's impossible to work less hours and clear the same as workers in the factory.
We do the sewing: the factory then gives it to (company name) and they say it is all wrong and they don't pay the money. Then the factory does not pay me.
A measure of our humanity is how we assist the vulnerable. Outworkers need fair pay and conditions to support their families and to live with dignity. The safety nets for outworkers, and other industrially weak workers, need to be maintained.
If this proves to be the case, the intention to provide nationally consistent rights for those outworkers, regardless of whether they are employees or contractors, may not be achieved.
… the committee was struck by the words of Deputy President Riordan of the Australian Conciliation and Arbitration Commission, who presided over a case in 1987 …
I believe the Fair Work system is right.
We worked hard to get the balance right and I believe that the Fair Work act is right.
I believe the Fair Work system is right.
… … …
We worked hard to get the balance right and I believe the Fair Work Act is right.
I am an emerging Australian Fashion Designer starting a label from home.
I would like to draw to your attention the Fair Work Act and the Textile, Clothing, Footwear and Associated Industries 2010 (the TCFAI Award), Modern Award regime which defines me as an outworker, despite my 4 year degree in fashion from Ultimo TAFE. The current TCFAI Modern Award definition has a "catch all" definition where anyone working from home in the fashion industry is an OUTWORKER … yes, I can be considered an OUTWORKER if I sell to a boutique or a department store, because of the deeming provisions of the award.
As a start-up business, in the beginning it will be challenging to pay myself, never mind employ a 'maker/outworker' on a regular basis, and pay all these entitlements. Again this is unworkable and in trading in such an environment, I face prosecution in breach of the TCFAI Modern Award 2010. The risks are too great.
I would like you and your government to consider this letter and make the necessary changes to allow me and other graduating & emerging Australian Fashion Designers making samples and small orders (with business turning over less than $100,000 per year) to apply for exemption to this onerous and impractical regime, as part of the Modern Awards Review 2012.
I am a very capable, professional machinist who is running a successful, flexible, profitable business from my own home, which allows me to be with my children and meet my family commitments as well as do the work in my own time and to be paid well. I see myself very much as a contractor not an outworker. I feel I have the support and capability to run my own business just as IT specialists, hairdressers, bookkeepers and all tradespeople along with many consultants such as psychologists, accountants, business and educational advisers do. I am feeling there is an issue of discrimination in this particular case as my profession—
as a machinist isolates my role away from all others who are allowed to work from home. I believe the amendments to the Fair Work Act currently under discussion are unbalanced, inconsistent and extremely unfair.
I am currently paid above the award and work for ethical companies and like my current conditions. I do not wish to be an employee. I want to remain an independent contractor just as many other professionals are allowed under the same act. Why is it that only the people working in the textile, clothing and footwear industry are discriminated against? I have serious concerns that these new amendments will harm me greatly. It will restrict my ability to operate as an independent and autonomous business. I will not be able to claim business expenses for my phone, electricity, depreciation of machinery etc—it's unfair. I have my own ABN and pay my taxes. I negotiate my own hours and have built professional and ethical relationships with companies I feel happy to work with and for.
If the amendments as suggested by Fair Work Australia in relation to our industry are passed, I would be unemployed and this would then be a further burden on the government as I would have no choice but to apply for assistance through Centrelink.
Limited impact is a massive understatement. Concern stems from the fact that a complete and unworkable company restructure is required to treat independent contractors as employees, failure to do so will result in legal action instigated by the TCFUA. The only viable option that remains is to close down. This will leave many, whom are not vulnerable and happy with their chosen arrangements, without work. In order to protect vulnerable outworkers, the legislation will destroy the lives of all the outworkers, vulnerable or not.
Even if factories can somehow comply with the laws in treating outworks as employees—sweatshops will hence be unaffected. In instances where people are exploited nothing will change. The 'middleman' outworker will be paid as an employee rather than a company and then continue to exploit the vulnerable as before.
Due to the wide variety of Fabrics many different machines and machinists are required to complete the sewing of a garment. One contractor will specialize in certain garments and using certain machines only. Therefore a pool of many contractors is required to complete various orders. Many contractors will work for a number of factories to generate their required turnover. One factory alone will not be able to provide consistent work.
Further to this the fashion industry is highly seasonal, within a year there can be many quiet and busy times, determined by the clients, not the factories. A factory has no guaranteed work, therefore to provide minimum hours to contractors on a weekly basis or up to 5 weeks notice of termination … is not possible.
(1) Clause 2, page 2 (table item 2), omit the table item, substitute:
(2) Schedule 1, item 61, page 25 (after line 10), after section 789EA, insert:
789EB TCF outworkers not to be worse off
(1) This Part applies in relation to a TCF outworker only to the extent to which, in a particular respect, the outworker would not be worse off.
(2) A reference in subsection (1) to this Part includes a reference to any regulations made for the purposes of this Part.
(3) The regulations may prescribe:
(a) what a particular respect is for the purposes of subsection (1); or
(b) the circumstances in which a TCF outworker would or would not be worse off for the purposes of subsection (1).
The House divided. [13:29]
(The Speaker—Hon. Peter Slipper)
The House divided. [13:36]
(The Speaker—Hon. Peter Slipper)
That this bill be now read a third time.
That this bill be now read a third time.
That standing order 31 (automatic adjournment of the House) and standing order 33 (limit on business) be suspended for the sitting on Thursday, 22 March 2012
The House divided. [13:48]
(The Speaker—Hon. Peter Slipper)
He was wounded in the Light Horse charge at Anzac on 7th August. A line of machine-gun bullets caught him just above the knee. Though the wound was bad, it was reckoned he could recover.
He was far from right at the time but dodged sick parade so that he could play his part in our advance.
That the honourable member for Gippsland be suspended from the service of the House.
The House divided. [14:41]
(The Speaker—Hon. Peter Slipper)
That so much of the standing and sessional orders be suspended as would prevent the Member for Warringah moving immediately—That this House calls on the Prime Minister to apologise because in breaking her promise not to introduce a carbon tax she is compounding the world’s highest electricity prices with the world’s biggest carbon tax.
There will be no carbon tax under the government I lead.
That this House calls on the Prime Minister to apologise because in breaking her promise not to introduce a carbon tax she is compounding the world’s highest electricity prices with the world’s biggest carbon tax.
The House divided. [15:17]
The Speaker—Hon. Peter Slipper
That the House take note of the following documents:
Department of Education, Employment and Workplace Relations—Australian vocational education and training system—Report for 2010.
Foreign Affairs, Defence and Trade—Joint Standing Committee—Inquiry into Australia's relationship with the countries of Africa—Government response.
Gene Technology Regulator—Quarterly report for the period 1 October to 31 December 2011
Report relating to private Members' business and the consideration of bills introduced 19 to 22 March 2012
1. The committee met in private session on 21 and 22 March 2012.
2. The committee determined that the following referrals of bills to committees be made—
Standing Committee on Agriculture, Resources, Fisheries and Forestry:
REASONS FOR REFERRAL/PRINCIPAL ISSUES FOR CONSIDERATION: Concern that Australia will lose its place as the premium supplier of wheat to our two biggest competitor countries Canada and the USA, both of which have quality assurance processors with exports.
Joint Standing Committee on Foreign Affairs, Defence and Trade:
REASONS FOR REFERRAL/PRINCIPAL ISSUES FOR CONSIDERATION: Concern over the international implications of the bill which have been expressed by Canada, Indonesia, Malaysia, New Zealand and Papua New Guinea in their submissions to the Senate Rural and Regional Affairs and Transport Legislation Committee inquiry.
Standing Committee on Infrastructure and Communications:
REASONS FOR REFERRAL/PRINCIPAL ISSUES FOR CONSIDERATION: An initial draft of the Coastal Trading Bill was available for comment just prior to Christmas. Serious deficiencies were found with the original bill so a second draft was released for comment, together with the other bills in the package, in March. An extremely short consultation period was proposed. Two weeks later the bill has been introduced so it is unlikely that any of the concerns raised in the consultation process would have been incorporated into the bill. As such, the committee should consider the impact of the bills on the Australian shipping industry to determine whether they will have their desired effect, that is, to revitalise the Australian shipping industry and increase the number of Australian flagged vessels. Additionally, if the package is deficient the Coalition may look to formulating amendments.
3. The committee recommends that the following items of private Members' business listed on the Notice Paper be voted on:
Orders of the Day—
Delay of the consideration of the Wild Rivers (Environmental Management) Bill 2011 (Mr Abbott)
Wind turbine planning policies (Mrs Moylan)
World Plumbing Day (Mr Hunt)
Careers in agriculture (Dr Stone)
ANZAC story and Albany WA (Mr Crook)
Sovereign wealth fund (Mr Bandt).
The urgent need for responsible fiscal management in the upcoming budget to deliver real reforms for working people.
These are the toughest retail conditions that I've even seen in my career and I've been in retailing for 30 years.
That Mr Ruddock be appointed a supplementary member of the Standing Committee on Social Policy and Legal Affairs for the purpose of the committee’s inquiry into the Judicial Misbehaviour and Incapacity (Parliamentary Commissions) Bill 2012 and its inquiry into the Courts Legislation Amendment (Judicial Complaints) Bill 2012.
The House divided. [16:34]
(The Speaker—Hon. Peter Slipper)
The House divided. [16:45]
(The Speaker—Hon. Peter Slipper)
(1) Schedule 1, item 10, page 6 (lines 23 and 24), omit "a period of 12 months or more", substitute "a period of more than 12 months".
(2) Schedule 1, item 10, page 6 (lines 32 and 33), omit "a period of 12 months or more", substitute "a period of more than 12 months".
(3) Schedule 1, item 10, page 9 (line 33), omit "within a period of 30 days", substitute "before the end of a period of 30 days".
(4) Schedule 1, item 10, page 10 (lines 6 to 8), omit subsection 962H(1), substitute:
(1) A fee disclosure statement , in relation to an ongoing fee arrangement, is a statement in writing that:
(a) includes the information required under this section; and
(b) relates to:
(i) a period of 12 months (the previous year ) that ends on a day that is no more than 30 days before that on which the statement is given; and
(ii) any other period prescribed by the regulations.
(5) Schedule 1, item 10, page 10 (lines 13 and 14), omit "the 12 months immediately preceding the disclosure day", substitute "the previous year".
(6) Schedule 1, item 10, page 10 (lines 16 to 20), omit paragraph 962H(2)(b).
(7) Schedule 1, item 10, page 10 (line 21), omit "details of", substitute "information about".
(8) Schedule 1, item 10, page 10 (lines 23 and 24), omit "the 12 months immediately preceding the disclosure day", substitute "the previous year".
(9) Schedule 1, item 10, page 10 (line 25), omit "details of", substitute "information about".
(10) Schedule 1, item 10, page 10 (line 27), omit "the 12 months immediately preceding the disclosure day", substitute "the previous year".
(11) Schedule 1, item 10, page 10 (lines 28 to 30), omit paragraph 962H(2)(e).
(12) Schedule 1, item 10, page 10 (lines 31 to 35), omit paragraphs 962H(2)(f) and (g), substitute:
(f) information about any other prescribed matters, including information that relates to a period that begins after the previous year.
(13) Schedule 1, item 10, page 11 (lines 12 to 16), omit paragraph 962J(b), substitute:
(b) if a fee disclosure statement in relation to the arrangement has been given to the client since the arrangement was entered into—the anniversary of the day immediately after the end of the earliest period of 12 months to which the last fee disclosure statement given to the client related.
(14) Schedule 1, item 10, page 11 (line 19), omit "within a period of 30 days", substitute "before the end of a period of 30 days".
(15) Schedule 1, item 10, page 11 (line 20), omit "send", substitute "give".
(16) Schedule 1, item 10, page 13 (line 28), omit "A person", substitute "(1) Subject to subsection (2), a person".
(17) Schedule 1, item 10, page 14 (after line 11), at the end of section 965, add:
(2) Subsection (1) does not apply to a scheme to the extent that the operation of the subsection would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).
(1) Schedule 1, item 10, page 8 (after line 19), at the end of Subdivision A, add:
962CA Exemption from application of opt-in requirement
(1) ASIC may exempt a person, or a class of persons, from section 962K (the opt-in requirement ), if ASIC is satisfied that the person is, or persons of that class are, bound by a code of conduct approved by ASIC for the purposes of this section.
(2) A code of conduct is approved by ASIC for the purposes of this section if:
(a) the code of conduct is approved by ASIC under section 1101A; and
(b) ASIC is satisfied that the code of conduct obviates the need for persons bound by the code to be bound by the opt-in requirement; and
(c) ASIC is satisfied of any other matters prescribed by the regulations.
(3) The exemption must be in writing and ASIC must publish notice of it in the Gazette .
The House divided. [17:26]
(The Speaker—Hon. Peter Slipper)
(1) Clause 2, page 2 (table item 2), omit the item, substitute:
(2) Schedule 1, item 10, page 5 (line 14), omit the definition of renewal notice .
(3) Schedule 1, item 10, page 5 (line 15), omit the definition of renewal notice day .
(4) Schedule 1, item 10, page 5 (line 16), omit the definition of renewal period .
(5) Schedule 1, item 10, page 8 (line 20), omit "Termination, disclosure and renewal", substitute "Termination and disclosure".
(6) Schedule 1, item 10, page 9 (line 17), omit "or section 962K (the renewal notice obligation)".
(7) Schedule 1, item 10, page 9 (lines 23 and 24), omit "or section 962K".
(8) Schedule 1, item 10, page 9 (line 26), omit "or section 962K".
(15) Schedule 1, item 10, page 11 (line 17) to page 12 (line 29), omit sections 962K to 962N.
(16) Schedule 1, item 10, page 13 (lines 13 to 25), omit Subdivision C.
(17) Schedule 1, item 10, page 13 (line 28), before "A person", insert "(1)".
(18) Schedule 1, item 10, page 14 (after line 11), at the end of section 965, add:
(2) Subsection (1) does not apply in relation to a scheme if any part of the scheme was entered into, begun to be carried out, or carried out before the day on which this Part commences.
(19) Schedule 1, item 11, page 14 (lines 16 and 17), omit paragraph (jaad).
(20) Schedule 1, item 12, page 14 (lines 29 and 30), omit subparagraph (1E)(b)(ii).
(21) Schedule 1, item 12, page 14 (line 34), omit "or (ii)".
The House divided. [17:43]
(The Speaker—Hon. Peter Slipper)
The House divided. [17:48]
(The Speaker—Hon. Peter Slipper)
That this bill be now read a third time.
The House divided.[17:55]
(The Speaker—The Hon. Peter Slipper)
(1) Schedule 1, item 23, page 7 (line 31), after "taken any other step that", insert ", at the time the advice is provided,".
(2) Schedule 1, item 23, page 7 (after line 33), at the end of subsection 961B(2), add:
Note: The matters that must be proved under subsection (2) relate to the subject matter of the advice sought by the client and the circumstances of the client relevant to that subject matter (the client's relevant circumstances). That subject matter and the client's relevant circumstances may be broad or narrow, and so the subsection anticipates that a client may seek scaled advice and that the inquiries made by the provider will be tailored to the advice sought.
(3) Schedule 1, item 24, page 16 (line 25), after "by the licensee or representative", insert "in the 12 months immediately before the benefit is given".
(4) Schedule 1, item 33, page 29 (line 12), omit "subsection (2)", substitute "subsections (2) and (3)".
(5) Schedule 1, item 33, page 29 (lines 19 to 27), omit subsections 1528(2) and (3), substitute:
(2) The regulations may prescribe circumstances in which that Division applies, or does not apply, to a benefit given to a financial services licensee or a representative of a financial services licensee.
(3) Despite subsection (1), that Division does not apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, to the extent that the operation of that Division would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).
(6) Schedule 1, item 33, page 30 (line 7), omit ", 1528(3)".
The House divided. [18:08]
(The Speaker—Hon. Peter Slipper)
(1) Schedule 1, items 14 and 15, page 4 (lines 14 to 21), omit the items, substitute:
14 Section 960
Insert:
life risk insurance superannuation product has the meaning given by subsection 963B(2).
15 Section 960
Insert:
MySuper product has the meaning given by subsection 963B(3).
(2) Schedule 1, page 4 (after line 21), after item 15, insert:
15A Section 960
Insert:
personal intra - fund superannuation advice has the meaning given by section 964N.
(3) Schedule 1, item 21, page 5 (lines 18 and 19), omit "a meaning affected by section 964A", substitute "the meaning given by subsection 964A(2)".
(4) Schedule 1, item 23, page 7 (line 6), after "identified", insert "through instructions, so far as is reasonably possible in the circumstances".
(5) Schedule 1, item 23, page 7 (line 30), omit "circumstances;", substitute "circumstances.".
(6) Schedule 1, item 23, page 7 (lines 31 to 33), omit paragraph 961B(2)(g).
(7) Schedule 1, item 23, page 9 (lines 13 to 20), omit section 961E.
(8) Schedule 1, item 24, page 16 (after line 10), before paragraph 963B(1)(a), insert:
(aa) the benefit is given to the licensee or representative solely in relation to the provision of general advice;
(9) Schedule 1, item 24, page 16 (lines 13 to 18), omit paragraph 963B(1)(b), substitute:
(b) the benefit is given to the licensee or representative solely in relation to a life risk insurance product, other than a life risk insurance superannuation product (see subsection (2));
(ba) each of the following is satisfied:
(i) the benefit is given to the licensee or representative solely in relation to a life risk insurance superannuation product;
(ii) the product is not issued to an RSE licensee of a registrable superannuation entity, or a custodian in relation to a registrable superannuation entity, in relation to a MySuper product (see subsection (3));
(iii) the benefit is given by, or on behalf of, a person to whom the licensee or representative provided advice in relation to the life risk insurance superannuation product;
(10) Schedule 1, item 24, page 16 (lines 23 to 25), omit subparagraph 963B(1)(c)(ii), substitute:
(ii) the benefit is not for financial product advice in relation to the product, or products of that class, given to the person as a retail client by that licensee or representative;
(11) Schedule 1, item 24, page 16 (after line 31), after paragraph 963B(1)(d), insert:
(da) the benefit is given to the licensee or representative by an authorised representative of the licensee (the purchaser ) in relation to the sale of a financial services business by the licensee to the purchaser;
(12) Schedule 1, item 24, page 16 (line 34) to page 17 (line 18), omit subsections 963B(2) and (3), substitute:
(2) A life risk insurance product is a life risk insurance superannuation product ifthe product is issued to an RSE licensee of a registrable superannuation entity, or a custodian in relation to a registrable superannuation entity, for the benefit of a class of members of the entity or for one or more members of the entity.
(3) MySuper product has the same meaning as in theSuperannuation Industry (Supervision) Act 1993 , as in force on and after the commencement of item 6 of Schedule 1 to theSuperannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .
(13) Schedule 1, item 24, page 17 (lines 34 and 35), omit "the provision of financial product advice to persons as retail clients", substitute "carrying on a financial services business".
(14) Schedule 1, item 24, page 17 (line 37), at the end of subparagraph 963C(c)(iii), add ", which must not require the benefit, or the education or training, to be provided in Australia".
(15) Schedule 1, item 24, page 18 (lines 4 to 6), omit all the words from and including "in relation to".
(16) Schedule 1, item 24, page 18 (after line 14), after paragraph 963C(e), insert:
(ea) the benefit provider is the employer of the licensee or representative;
(17) Schedule 1, item 24, page 21 (line 21), omit "a financial services licensee or an RSE licensee", substitute "the responsible entity of a registered scheme, an RSE licensee or the issuer of a managed investment product".
(18) Schedule 1, item 24, page 22 (lines 11 to 29), omit subsections 964A(2) and (3), substitute:
(2) A volume - based shelf - space fee is a monetary product access payment which is not administrative in nature paid by a funds manager to the platform operator.
(3) To the extent that the benefit is not a volume-based shelf-space fee, a platform operator may accept an investment management fee scale discount on an amount payable or a rebate of an amount paid to the funds manager.
(19) Schedule 1, item 24, page 25 (after line 7), at the end of Division 5, add:
Subdivision C—Fees for personal intra-fund superannuation advice
964J Application to a financial services licensee acting as an authorised representative
If a financial services licensee is acting as an authorised representative of another financial services licensee in relation to the provision of personal intra-fund superannuation advice, this Subdivision applies to the first licensee in relation to the advice in that licensee's capacity as an authorised representative (rather than in the capacity of licensee).
964K Financial services licensees must not accept fees for personal intra-fund superannuation advice other than from member to whom advice provided
(1) A financial services licensee that is a trustee of a regulated superannuation fund must not accept a fee in relation to the provision of personal intra-fund superannuation advice to a member of the fund, other than from that member.
Note: This subsection is a civil penalty provision (see section 1317E).
(2) A financial services licensee contravenes this subsection if:
(a) the licensee is a trustee of a regulated superannuation fund; and
(b) a representative, other than an authorised representative, of the licensee accepts a fee in relation to the provision of personal intra-fund superannuation advice to a member of the fund, other than from that member; and
(c) the licensee is the, or a, responsible licensee in relation to the contravention.
Note: This subsection is a civil penalty provision (see section 1317E).
(3) The regulations may provide that subsections (1) and (2) do not apply in prescribed circumstances.
964L Licensee must ensure compliance
A financial services licensee that is a trustee of a regulated superannuation fund must take reasonable steps to ensure that representatives of the licensee do not accept a fee in relation to the provision of personal intra-fund superannuation advice to a member of the fund, other than from that member.
Note: This subsection is a civil penalty provision (see section 1317E).
964M Authorised representatives must not accept fees for personal intra-fund superannuation advice other than from member to whom advice provided
(1) An authorised representative, of a financial services licensee that is a trustee of a regulated superannuation fund, must not accept a fee in relation to the provision of personal intra-fund superannuation advice to a member of the fund, other than from that member.
Note: This subsection is a civil penalty provision (see section 1317E).
(2) The regulations may provide that subsection (1) does not apply in prescribed circumstances.
964N What is personal intra - fund superannuation advice ?
(1) Advice is personal intra - fund superannuation advice if:
(a) the advice is personal advice; and
(b) the advice is provided by a trustee of a regulated superannuation fund, or an authorised representative of the trustee, to a member of the fund as a retail client; and
(c) the trustee holds an Australian financial services licence that covers the provision of personal advice in relation to superannuation products; and
(d) the advice relates to the member's interest in the fund and does not also relate to:
(i) any other financial product (except eligible insurance (see subsection (2)) in relation to the member's interest in the fund); or
(ii) anything mentioned in subsection 765A(1) that would be a financial product but for that subsection (except eligible insurance in relation to the member's interest in the fund); or
(iii) any other matter specified in the regulations for the purposes of this subparagraph; and
(e) the fund is not a self-managed superannuation fund (within the meaning of section 17A of the Superannuation Industry (Supervision) Act 1993 ).
(2) For the purposes of subparagraphs (1)(d)(i) and (ii), eligible insurance is insurance of a kind that the trustee maintains in relation to the members of the fund for the purpose of financing benefits to the members that are within the scope of theSuperannuation Industry (Supervision) Act 1993 .
964P Meaning of trustee andmember of aregulated superannuation fund
The following expressions have the same meaning when used in this Subdivision as they have in the Superannuation Industry (Supervision) Act 1993 :
(a) member ;
(b) regulated superannuation fund ;
(c) trustee .
(20) Schedule 1, item 28, page 26 (lines 7 and 8), omit paragraph (jaah).
(21) Schedule 1, item 28, page 26 (after line 26), after paragraph (jaap), insert:
(jaapa) subsections 964K(1) and (2) (financial services licensee responsible for breach of fees accepted for personal intra-fund superannuation advice);
(jaapb) section 964L (financial services licensee to ensure compliance with duty about accepting fees for personal intra-fund superannuation advice);
(jaapc) subsection 964M(1) (authorised representative must not accept fee for personal intra-fund superannuation advice other than from relevant member);
(22) Schedule 1, item 30, page 27 (lines 12 and 13), omit subparagraph (1E)(b)(v).
(23) Schedule 1, item 30, page 27 (after line 30), after subparagraph (1E)(b)(xiii), insert:
(xiiia) subsections 964K(1) and (2) (financial services licensee responsible for breach of fees accepted for personal intra-fund superannuation advice);
(xiiib) section 964L (financial services licensee to ensure compliance with duty about accepting fees for personal intra-fund superannuation advice);
(xiiic) subsection 964M(1) (authorised representative must not accept fee for personal intra-fund superannuation advice other than from relevant member);
(24) Schedule 1, item 30, page 27 (line 34), omit "or (v)".
(25) Schedule 1, item 30, page 28 (line 3), omit "or (v)".
(26) Schedule 1, item 33, page 29 (lines 15 to 18), omit all the words from and including "if:", substitute "if the benefit is given under an arrangement entered into before the day on which that item commences".
(27) Schedule 1, item 33, page 29 (lines 21 to 24), omit all the words from and including "where:", substitute "where the benefit is given under an arrangement entered into before the day on which that item commences".
(28) Schedule 1, item 33, page 29 (lines 32 and 33), omit "a financial services licensee, or an RSE licensee", substitute "the responsible entity of a registered scheme, an RSE licensee or the issuer of a managed investment product".
(29) Schedule 1, item 33, page 30 (lines 2 and 3), omit "a financial services licensee, or an RSE licensee", substitute "the responsible entity of a registered scheme, an RSE licensee or the issuer of a managed investment product".
(30) Schedule 1, item 33, page 30 (after line 26), at the end of Part 10.18, add:
1532 Application of ban on other remuneration—fees for personal intra-fund superannuation advice
(1) Subdivision C of Division 5 of Part 7.7A, as inserted by item 24 of Schedule 1 to the amending Act, applies in relation to the provision of personal intra-fund superannuation advice on or after the day on which that item commences (whether or not the advice was sought before that day).
(2) Despite subsection (1), that Subdivision does not apply in relation to the provision of personal intra-fund superannuation advice to the extent that the operation of that Subdivision would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).
The House divided. [18:43]
(The Speaker—Hon. Peter Slipper)
The House divided. [18:48]
(The Speaker—Hon. Peter Slipper)
That this bill be read a third time.
That Federation Chamber orders of the day, private Members’ business, be returned to the House for further consideration and the resumption of each debate made an order of the day for a later hour this day:
ANZAC story and Albany, Western Australia;
Fair Work Australia investigation;
Apology to the Stolen Generations; and
Australian Year of the Farmer.
That so much of the standing and sessional orders be suspended as would prevent the following items of private Members’ business being called on, and considered immediately in the following order:
Orange juice concentrate imports—Order of the day No. 21;
Most Venerable Thich Phuoc Hue OAM—Order of the day No. 22;
Australian Year of the Farmer—Order of the day;
Apology to the Stolen Generations—Order of the day;
Fair Work Australia investigation—Order of the day; and
ANZAC story and Albany, Western Australia—Order of the day.
That leave of absence be given to every Member of the House of Representatives from the determination of this sitting of the House to the date of its next sitting.
The DEPUTY SPEAKER ( Ms D'Ath) took the chair at 9:30.
… that aerial baiting had a minimal impact on the quoll populations …
… this research suggests that aerial baiting is unlikely to have an impact on quoll populations as a whole. In fact, aerial baiting which suppresses local fox and dog populations may benefit quolls in an area.
… the committee is of the general view that the situations where investors lose their entire savings because of poor financial advice are more often a problem of enforcing existing regulations, rather than being due to regulatory inadequacy. Where financial advisers are operating outside regulatory parameters, the consequences of those actions should not necessarily be attributed to the content of the regulations.
Industry bodies have expressed their disappointment at the findings of the Parliamentary Joint Committee's (PJC) review into the Future of Financial Advice (FoFA) Bills.
A report outlining findings of the review was tabled in Parliament today. However, the PJC was unable to reach a consensus in relation to the proposed legislation, with the Coalition Committee members issuing a dissenting report.
… … …
The Financial Planning Association (FPA) said the PJC had missed an opportunity to deliver the benefits that FoFA was originally intended to bring.
It has been quite clear from the beginning that this government pretends to consult and then does what it wants to do pandering to vested interests. Labor MPs have no say in the matter. Nothing will happen unless the government is changed.
The PJC fails in delivery is not really a surprise given this governments approach in ALL it has so called achieved to date. This government whose ministers are nothing short of self interest incompetants who cannot run a canteen let alone a country have once again demonstrated that they are only willing to support the cause of self interest for themselves and their union mates. Enough is enough. As members of this industry, we should rally to a call not only to save this industry but also the nations by asking clients to petition the coalition to block supply and call an election. Its time for this bunch of arrogant morons to go. They do not deserve to be in office.
One of the most glaring examples of the government pandering to the unions is the acknowledgement by Swan and Shorten that while they will stop volume rebates payments from platforms to independant advisers, they will not stop union super funds’ secretly subsidising their advisers because it’s too hard!
The committee is of the general view that situations where investors lose their entire savings because of poor financial advice are more often a problem of enforcing existing regulations, rather than being due to regulatory inadequacy.
… the committee is of the general view that situations where investors lose their entire savings because of poor financial advice are more often a problem of enforcing existing regulations—
rather than being due to regulatory inadequacy. Where financial advisers are operating outside regulatory parameters, the consequences of those actions should not necessarily be attributed to the content of the regulations.
Members of MySuper products should only be provided with advice about superannuation (other than intra-fund advice) under arrangements that require the member to renew the advice service each year on a renewal notice from the adviser.
That further proceedings on the bill be conducted in the House.
That this bill be now read a second time.
Jim's lesson is that life was to be challenged and treasured.
That business intervening before order the day No. 4, committee and delegation reports, be postponed until a later hour this day.
This implies that the longstanding model of the relationship, of which economic complementarity has formed the cornerstone, no longer suffices.
The second disjuncture is that between our current strategic bilateral relationship and the fast-paced structural transformations in the Asia Pacific.
China's re-emergence is the greatest single factor influencing the course of political changes in the region.
… if you look at the Australia/Chinese relationship in 2009/10, that reached the lowest point that it had been probably for 10 years. But the Chinese buy commodities from Australia not because they like our policies, but because they have to.
Our commodities tend to be around a third cheaper than other competitors - for example, Brazil - because of our location.
The Chinese simply have no choice. I mean, getting access to raw materials is fundamental to economic growth. They cannot jeopardise that for domestic reasons.
So, it's very aggressive talk, but there's not much they can actually do.
Everyone agrees that the alliance with the Americans is the bedrock of Australian security …
… it's just unthinkable for the Chinese would view us as an honest broker in this kind of situation when security competition is actually deepening between America and China. So, if we try to play this role as honest broker, we will just be rebuffed by Beijing and annoy Washington, and won't achieve much in the process.
How many departments, agencies, commissions, Government owned corporations or other such bodies have been created within the Minister’s portfolio since 24 November 2007 (excluding existing departments that have been re-named or merged into a larger entity), what is the name of each such entity, and how many fulltime equivalent employees did each such entity have at the end of 2011.
Eight agencies have been created within the portfolio since 24 November 2007. The names of each entity and the number of fulltime equivalent employees each entity had at the end of 2011 are provided in the table below.
The definition used for Full Time Equivalent (FTE) is as follows:
FTE is calculated based on the number of hours worked by a staff member in a given reporting period, usually calendar months. Paid leave (either full or half-pay) taken by staff does not affect the FTE calculations. Unpaid leave taken by staff reduces the FTE as the total number of hours worked in the period reduces.