The Financial Rights Legal Centre (Financial Rights) and the Consumer Action Law Centre (Consumer Action) strongly support the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 (the Bill). For too long, the design of the superannuation regime has led to a proliferation of accounts and serious erosion of people’s retirement savings. The Bill takes important steps to address the issues and represents a significant improvement on the status quo. We note that the Bill has not changed very much from the Exposure Draft consultation run by Treasury last month. For that reason we refer to our original submission and recommendations to the Treasury for the Senate Economics Legislation Committee for consider and review.
