STEPHEN JONES MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR FINANCIAL SERVICES AND SUPERANNUATION
MEMBER FOR WHITLAM
SENATOR JENNY MCALLISTER
SHADOW CABINET SECRETARY
SHADOW ASSISTANT MINISTER TO THE LABOR LEADER IN THE SENATE
SHADOW ASSISTANT MINISTER FOR COMMUNITIES AND THE PREVENTION OF FAMILY VIOLENCE
SENATOR FOR NEW SOUTH WALES
The decade-long battle to bring about transparency on superannuation assets in Family Law proceedings has been won.
Labor has been fighting together with advocacy groups for a fairer family law system when it comes to dividing financial assets.
The Bill which passed through the Senate today will allow separating couples to access Australian Tax Office superannuation data through the courts.
These sensible changes will make it far harder for parties to conceal their superannuation holdings from their partners in defiance of existing laws that require full transparency.
This in turn will lead to a fuller accounting of financial assets to be divided during separation proceedings and a fairer division of those assets.
It is more than four years since the Coalition first announced it would proceed with these changes.
It is concerning it has taken Scott Morrison four years to bring them about given the bipartisan support.
Countless women, who generally have lower superannuation balances than their male partners, have paid a hefty price for that delay.
While the Government dithered, they faced increased costs, prolonged proceedings and lower settlements than they were entitled to.
In particular, Labor expects these changes to help women at risk of domestic violence.
We know financial dependency is a major barrier to women leaving violent relationships.
Giving quicker access to fairer financial settlements will at last help remove that barrier for many at-risk women.