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Legislative Council - Fifty-Fourth Parliament, Second Session (54-2)
2020-09-09 Daily Xml
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Bills

Southern State Superannuation (Choice of Fund) Amendment Bill

Second Reading

The Hon. C. BONAROS (17:45): I move:

That this bill be now read a second time.

I move that way with a great deal of delight. This bill amends the Southern State Superannuation Act 2009 to allow freedom of fund choice for public sector employees. It is a rehash of a bill I previously introduced, which was subsequently prorogued last year, with the exception of one further amendment that provides for a limited public offer, something that I will explain shortly.

It was always going to be the case that, if this proposal gained support, a government bill would need to be drafted to change the current legislative regime. SA-Best will always give credit where credit is due. Thankfully, the Treasurer saw some merit in this proposal and agreed to consult on it further and he has been doing just that. He has kept me abreast of those developments throughout the consultation process and I am confident that common sense will finally prevail.

The bill has the backing of the Public Service and the backing of Super SA. In short, it is a win-win. It is a no-brainer. It simply does not make sense to force workers to save money in super and then deny them any control over how it is managed.

The current scheme fails to accommodate for individuals' choices when it comes to their super. It fails to take into account in their financial planning any ethical or socially responsible choices they may wish to make regarding where they would like their funds invested—for instance, environmental concerns. It fails to take into account the needs of those individuals with self-managed super. It fails to take into account the transient nature of some Public Service employees or the fact that people move between jobs and indeed jurisdictions. It simply does not make sense to force workers to save money in super and then tell them, 'You have no control over how those funds will be managed.'

We know this can be done better. The federal government has said it ought to be done better. Indeed, at around the time I introduced this bill last year the then finance minister said that South Australians were being dudded when it comes to super choice, and I for one could not agree more. We are now the last jurisdiction not to allow choice of super for public servants.

Obviously, a lot of work has been done behind the scenes about the likely number of people who will exit the scheme and the shortfalls this will result in and that is why it is absolutely critical that the new scheme also allows for limited public offer to ensure the financial viability and competitiveness of Super SA. I certainly hope that is part of any bill the government is seeking to introduce in this place. We absolutely support that position. It is a must going forward and it is the only difference, as I said, between this bill and its previous iteration.

By all accounts, everything is pointing to a favourable outcome for all concerned. I hope the Treasurer does not let me down. We expect to see a bill soon and I thank the Treasurer for his ongoing commitment. Coming from me that is a big statement and I ask the Treasurer not to make me regret my words of praise. We can do this, Treasurer. I know we can. You have the backing of the Public Service. The sooner we get it done, the better off all our public servants will be in terms of managing their own super. With those words, I commend the bill to the chamber.

Debate adjourned on motion of Hon. D.G.E. Hood.

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