Stephen Jones 2022

The Albanese Government will always look for ways to strengthen Australia’s world-class superannuation system.

Today we begin that process with the release of a consultation paper on the Your Future, Your Super laws, in keeping with our commitment at the recent election to review the measures.

I acknowledge the Traditional Custodians of the land here in Canberra – the Ngunnawal people, and pay my respects to their Elders past and present. I extend that respect to Aboriginal and Torres Strait Islander peoples listening to this address today.

Introduction

I’m so pleased to be speaking to on the 30th anniversary of the birth of universal superannuation.

The Albanese Government is delivering on its commitment to support the families of deceased Youpla Group policy holders, so they can get on with Sorry Business and bury their loved ones.

As an interim measure, the Youpla Group Funeral Benefits Program will pay a grant in place of a funeral benefit that would otherwise have been paid by the Youpla Group before its collapse.

LAURA JAYES:

In the studio is the Assistant Treasurer, Stephen Jones. Great to see you.

STEPHEN JONES:

Good to see you, Laura.

JAYES:

The Albanese Government has today released draft regulations which unwind the previous government’s unfair treatment of class action plaintiffs.

The decision to reverse the earlier regulations follows a June 2022 decision by the Full Federal Court which held that the notion that funded class actions are managed investment schemes is “plainly wrong”.

The Governor‑General and the Executive Council have today approved updated regulations relating to requirements for superannuation funds to disclose expenditures with the Annual Member’s Meeting notice.

The Government published draft regulations last month and consulted widely.

We have listened to concerns raised during those consultations and we have responded.

Temen-temen, senang berada di sini.

I acknowledge our host this evening, Ambassador Penny Williams, and thank her and her team for organising an excellent program for our delegation to Jakarta.

We have in the room the key investment officers from Australia’s largest superannuation funds, together with the Future Fund, the QIC and Macquarie Bank.

Draft legislation released today will introduce two tax incentives that support small businesses to train and upskill employees, and improve their digital and tech capacity.

The legislation released for public consultation will introduce the productivity measures that were included in the March 2022 Budget but have not been legislated.

The Australian Government is committed to reducing costs for consumers and businesses by addressing unnecessary barriers to the use of digital communications in Treasury portfolio laws.