What’s the priority for parliament?

The Federal Government has cancelled next week’s parliamentary sitting week to allow the Senate time to finish debating the same-sex marriage bill before it returns to the House of Representatives.

The Lower House was due to sit for two weeks from Monday but will instead sit for one week from December 4, with an option of extending sittings for another week.

The move comes amid the MPs’ citizenship crisis and a backbench push for a royal commission into the banks. Some backbenchers are threatening to cross the floor to set up a banking commission.

It remains to be seen if parliament can deal with all outstanding matters before it rises for the year. Prime Minister Malcolm Turnbull this week also floated the idea of future tax cuts for middle income earners but has given no details.

If you were an MP, what would be your priority – the same sex marriage bill, settling the citizenship crisis, or a banking royal commission?

Comments   44 Comments

I believe WEG is correct in thinking that those who control our life savings have been given the power to run the nation. Since the unions wield almost no power in the 21st century, someone/s else has to be responsible.

Weg 06.12.17 I did state that Wilson Sy is the former head of research at APRA and Principal Advisor to the 2010 Cooper Review into Super. I value his input much more than some News Limited journo with no knowledge of superannuation.

“Unions have ripped out $53 million” shows your ignorance. Your statement is in relation to Directors fees over 25 years, but you are probably not aware of this. ISFs must have equal numbers of union and business Directors whose remuneration is identical. Union Directors elect to donate their fees to their members unions. Business Directors also donate to their employer peak bodies, or elect to retain the payments for themselves. All perfectly legal and not some corrupt practice as you suggest.

So you see now how little you know about the ISFs that you so loudly condemn. Like I say, preaching the party line and forsaking the facts is your modus operandi.

Weg 05.12.17. Again you miss my point entirely. Did you bother to read the article by super expert Wilson Sy? He states Australia’s ISF model is the envy of the world, so why would you change it to resemble Retail Funds.
Industry Super Funds
- lower fees than retail funds
- greater returns to members than retail Funds over 22 years
- run by Directors (equal union and business appointees) representing the members
- managed to return profits to members
Retail Super Funds
- higher fees than ISFs
- lower returns to members than ISFs over 22 years
- run by Directors (appointed by the banks) representing the banks
- managed to generate profits to the banks shareholders.
Seriously Weg, are you suggesting that the RC ignore the corrupt practices by the banks, and instead focus on scuttling the best performed and managed workers super systems in the world? That is Wison Sy’s opinion!

Weg, some conservative journalist from Newscorp's "The Australian" is your so called expert on superannuation. That explains a lot about your thinking and pronouncements about super funds.
The Australian and it's editors simply do the bidding of Rupert Murdoch, which is to promote the Liberal government and it's agenda. So most of it's op eds are one sided, poorly researched and long on assumptions and embarassing on facts.
Paul Kelly is a journalist and has no experience or training in superannuation. I will take the word of Wilson Sy, the super expert quoted by Terry (Cairns). At least Mr Sy knows what he is talking about.

Eureka, shareholders are not here to thrive while those with bank deposits go backwards.

I think the idea that industry super funds are above reproach is very naive.

I am totally against any increase in the GST as it will hit the poor hardest at a time when interest earned on bank accounts continues to flat line and increases in the pension rate barely supply a meagre evening meal once per fortnight.

Reducing income tax and increasing the GST would land more of the taxation burden on the poor.

As our Branch President recently stated, if all of the people working for nichts in voluntary roles suddenly downed tools and put their feet up, the country would grind to a halt. Hear, hear, to his words of wisdom.

The discernment and bias of some people as depicted by their inept comments and references to the Australian financial sector is simply laughable.

I recommend an excellent article released today titled - “Retirement savings are at the heart of shaping power politics” in Australia by the renowned editor at large Paul Kelly. I doubt if tc could ever grasp the concepts with such a closed mind.

Here’s another gem for your limited understanding tc. Unions have ripped out $53 million from Industry Super Plans for their own benefit in the last 10 years which infers a lack of transparency amongst others. Let me know what you think tc, mh.

In this morning's news, someone stated that a Royal Commission into banks is likely to result in our bank accounts being affected by the next GFC. The union movement is also cracking up about Australian banks wanting to take over our superannuation.

I'm thinking that if Australian banks held our superannuation, it could be lent out to younger generations for housing. My understanding is that the banks are currently forced to borrow funds for lending from overseas due to low deposits (pitiful interest rates for depositors). People are moving more of their money into superannuation and the global arena is order to access higher returns. If all of our funds were managed in Australia, returns on investments and bank products might be better, and our economy might also thrive instead of going progressively backwards.

Lorikeet 23 Nov 2017 - tax cuts to people on middle income.
These are the people who have disposable income and who spend to get the economy going. Trading partners are in the process of lowering their corporate tax rates. The US Senate narrowly passed a major tax bill over the weekend.
Australia has to compete - otherwise this country will become a backwater - reduce income tax and increase the GST rate.
Lorikeet 4 Dec 2017 "The financial system needs a good shakedown" " as they are all rogues - add to that all corporate enterprises."
You may keep your money under the bed or live in a barter system if you so choose. This is a mere assertion that financial institutions are rotten.
Certainly the CBA is an example of ineptitude, incompetence and fraud with all their scandals of money laundering, bad financial planning advice, and Comminsure fraud.
This country needs banks to keep the economy going - just a note that shareholders take risks and need to be fairly compensated.

The first priority for our incompetent government is to reset the terms of reference of the Banking RC. Turnbull has set the terms to protect banks, but target the corruption free, highly performed Industry Superannuation Funds. I thought that this RC was necessary to identify and curtail the corrupt practices of the banks, so why attack Industry Funds.
Industry Funds have equal representation from unions (workers) and employers (hirers) on their boards. They have outperformed Retail Funds for over 20 years, have lower fees, and improve the superannuation savings of Australians much more than their Retail (banking) counterparts.
This is another example of the cosy relationship Turnbull and his government have with the banks. Retail Funds (mainly banks and insurance companies) want to get their hands on the money managed very well by Industry Funds, and with the sleezy Turnbull terms of reference, are corrupting the RC process to get it. It is time they were sacked.

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