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Senate report on YFYS reforms delayed

The senate economic committee's report on Your Future, Your Super reforms has been delayed by a week, as superannuation funds await specifics ahead of the proposed July 1 start date.

The senate economics legislation committee, chaired by Liberal senator Slade Brockman, was tasked with producing the report on February 18. The due date was set for today, April 22.

Senator Brockman yesterday said the committee has pushed the report to next Thursday.

"The committee requests an extension of time to report until 29 April 2021 to allow it to consider the evidence received and to conclude its deliberations," Brockman said in the April 21 note.

A spokesperson for the senator said the delay is "more logistical than technical".

She said Brockman has hearings for other committees all this week, and that Labor has changed its deputy chair on the committee to Anthony Chisholm.

Chilsolm is replacing Labor's Alex Gallacher temporarily on the committee, as the latter takes sick leave for a few weeks, according to a spokesperson for Chisholm.

Last week, the Australian Institute of Superannuation Trustees, the Association of Superannuation Funds of Australia and Industry Super Australia wrote to the minister for superannuation and financial services Jane Hume, copying in Treasurer Josh Frydenberg, asking for "an urgent update" on the release of the draft regulations for the bill.

"Given that details of the full impact of the YFYS Bill are not yet clear we are concerned there is now insufficient time for considered debate of the YFYS Bill," the three associations said in the April 15 letter.

"In particular, our understanding is that the commencement date of 1 July 2021 has not changed, and the Senate Economics Legislation Committee (Committee) is still due to report on their inquiry by 22 April 2021.

"We seek your reassurance that while the Committee will not have time to carefully consider the YFYS Bill regulations as part of its inquiry, the Parliament and relevant stakeholders will be provided with adequate time to consider all the regulations."

Read more: Your Future, Your Super