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YFYS on its way to Senate

The House of Representatives passed hotly-debated Your Future, Your Super bill last night, with Labor getting away with just one of the amendments on its wish list.

Best Financial Interest Duty's proposal to give ministers the power to ban superannuation funds' investments was dropped.

However, Labor's other proposed amendments lost out 69 to 59, with only the Greens MP Adam Bandt and independent MP Craig Kelly siding with it.

Labor wanted stapling to exclude dangerous occupations, a deferred start date to stapling and inclusion of choice products in the performance tests.

The bill will now be considered by the Senate mid-June.

In the Senate, the coalition government holds 36 of the total 76 seats, while Labor has just 26. A bill needs 30 votes to pass or 38 to block.

Greens, who sided with Labor in the House of Representatives, have nine seats in the Senate. The one independent senator, Rex Patrick, has already tabled amendments to YFYS which side with Labor's views.

This means, in a best-case scenario Labor has to win at least two other votes amongst Centre Alliance, Pauline Hanson's One Nation and Jacquie Lambie Network to reach 38 votes.

The Australian Institute of Superannuation Trustees chief executive Eva Scheerlinck welcomed the culling of government's powers, but said the bill still had flawed measures.

"The amendments to the bill don't change the fact that this piece of legislation contains fatal flaws that will result in significant unintended member detriment," Scheerlinck said.

"This bill excludes more than one third of super savings from scrutiny and disclosure and does not prevent members from being stapled to funds that have not been tested or have failed the test."

Read more: LaborHouse of RepresentativesEva ScheerlinckAustralian Institute of Superannuation TrusteesCentre AllianceAdam BandtJacquie LambiePauline HansonRex Patrick