P-FIN:MySuper legislation clears lower house
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CANBERRA, Nov 28 AAP
November 28 2012, 8:25PM
The Gillard government is a step closer to introducing a superannuation scheme it claims will be simpler and cheaper for everyday Australians.
The third tranche of legislation to implement the government's default superannuation product MySuper passed the House of Representatives on Wednesday.
Financial Services Minister Bill Shorten said MySuper, which would eventually replace other products as the default super option, would be a cost effective product that all Australians could rely on.
Mr Shorten moved 17 technical amendments to the bill, prompting accusations of mismanagement from the shadow treasurer Joe Hockey.
"It's not acceptable for a minister of the Commonwealth to be finalising amendments on the second last sitting day of the year," he told the chamber.
"Literally, the government is making it up as it goes along."
But the coalition supported the amendments, before moving a few of its own to ensure employees still had a choice of which superannuation product they wanted.
Mr Shorten rejected the proposed changes, saying they would create unnecessary red tape and complexity for employees.
"There is more transparency, there is more choice, and there is a process which will sort the wheat from the chaff," he said.
The Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 will now move to the Senate for consideration.