Kevin Andrews (Menzies, Liberal Party, Minister for Social Services) Share this | Hansard source

Again, I commend the member for Bass for his interest on behalf of constituents in his electorate in relation to this circumstance. Indeed, we have had representations about this matter and have taken those representations into consideration. As a result of that, we have announced some changes in the budget. Indeed, as I recall, one of the bills that was introduced into the parliament this morning covers this matter. Portability will be increased from six weeks, as it currently is, to 19 weeks in the budget legislation. That is more than a threefold increase in the portability time, going from six to 19 weeks, and that will commence from 1 January 2015. So, from the beginning of next year, there will be this increased portability period which will benefit those people in that situation. It promotes greater certainty in their circumstances, and it reduces red tape for the government, so it is a win-win situation both for those who are the recipients of this increased portability and for the government in terms of reducing red tape and the bureaucracy in relation to this matter. It acknowledges the contribution that self-funded retirees have made to this nation, the fact that they have saved and worked throughout their entire lives. Self-funded retirees are a minority of the people in retirement in Australia. That is the reality of the situation. This is a modest measure, indeed, but nonetheless a measure which seeks to recognise their great contribution over a long period of time.

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