Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2012

Originating house
House of Representatives 
Parliament no
Establishes a framework for the introduction of a default superannuation product (MySuper) to replace existing default products by amending the:
Superannuation Industry (Supervision) Act 1993
  to: define MySuper superannuation products; limit regulated superannuation funds to offering only one MySuper product, except in certain circumstances; allow registrable superannuation entity licensees to apply to the Australian Prudential Regulation Authority for authorisation to offer a MySuper product; set out rules on the payment of contributions and account transfers for MySuper products; and set out fees that can be charged to members of a MySuper product; and
Superannuation Guarantee (Administration) Act 1992
  to provide that employers make superannuation guarantee contributions on behalf of employees who do not have a chosen fund to a fund that offers a MySuper product. 

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House of Representatives
03 Nov 2011Introduced and read a first time
03 Nov 2011Second reading moved
21 Mar 2012Second reading debate
26 Jun 2012Second reading debate
22 Aug 2012Second reading debate
22 Aug 2012Second reading agreed to
22 Aug 2012Consideration in detail debate

Amendment details: 5 Greens and 6 Government agreed to
22 Aug 2012Third reading agreed to
10 Sep 2012Introduced and read a first time
10 Sep 2012Second reading moved
22 Nov 2012Second reading debate
22 Nov 2012Second reading agreed to
22 Nov 2012Committee of the Whole debate

Amendment details: 2 Government agreed to
22 Nov 2012Third reading agreed to
House of Representatives
26 Nov 2012Consideration of Senate message

Details: House agreed to Senate amendments

26 Nov 2012Text of bill as passed both Houses
28 Nov 2012Assent

Act no.: 162

Year: 2012

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Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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