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Senate Session 2019/2020 3 speeches

May 13, 2020

Official Hansard Report - Senate

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Session Summary

Simplified for You

The Senate discussed a bill allowing people to withdraw up to $12,000 from their pension funds as a one-time hardship payment due to COVID-19's economic impact. This builds on existing hardship withdrawal provisions that have provided $32.8 million to families since 2010. All Senators supported the measure but debated the balance between immediate financial relief and protecting people's retirement savings. There was also discussion about government spending cuts and the need for long-term economic planning.

Chamber Senate
Date May 13, 2020
Session 2019/2020
Transcript View PDF
Speakers 3
Speeches 3

Key Topics

COVID-19 emergency regulations and public health measuresNational Pension Scheme amendment allowing hardship withdrawals up to $12,000Economic support measures for unemployed and financially struggling residentsGovernment spending and fiscal responsibility during the pandemicFinancial awareness and education for pension holders

Bills & Motions

National Pension Scheme (Occupational Pensions) Amendment Act 2020 - passed second reading with support from all parties
Multiple COVID-19 emergency regulations presented for information (no votes required)
Two additional pension regulations to be considered later in the meeting

Notable Moments

Senator Jones called for MPs and Senators to voluntarily cut their own salaries to show solidarity with struggling residents
Attorney General Simmons emphasized "Who feels it knows it" - stressing that the hardship is happening now, not in the future
Several Senators warned people to only withdraw pension money if absolutely necessary, as it will impact their retirement income

Debate Transcript

3 speeches from 3 speakers
Madam President. (Anthony.) The President Yes. You have the floor. Sen. Anthony Richardson: Good morning to you, Madam President, fellow Senators and members of the listening audience. I just want to add a few comments actually from a general perspective. And that is on the basis that, you have to first of all, I believe, …
Madam President. The President Thank you, Senator Campbell. Would any Senator care to speak on these regulations? Any Senator? Sen. James S. Jardine: Madam President? The President: Senator Jardine. Sen. James S. Jardine: I just had one question on part of the regulations, and it relates to clause 4(4), which says, “The applicant shall …
Madam President. The President All right. Thank you. [Crosstalk] The President: Would any other Senator care to speak on these regulations? No one is indicating. [Pause] The President: Senator Campbell, it would appear that no one else has indicated they want to speak. Sen. Vance Campbell: Okay, Madam President. Then in response to Senator …
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