| Superannuation Industry (Supervision) Act 1993 [1] | |
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| Parliament of Australia | |
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| Citation | 1993 No 78 |
| Royal assent | 30 November 1993 [2] |
The Superannuation Industry (Supervision) Act 1993 is an Australian labour law statute that regulates superannuation in Australia.
Sir Robert David Muldoon was a New Zealand politician who served as the 31st prime minister of New Zealand, from 1975 to 1984, while leader of the National Party.
The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the recommendations of the Wallis Inquiry. APRA's authority and scope is determined pursuant to the Australian Prudential Regulation Authority Act, 1998 (Cth).
The treasurerof Australia, also known as the Federaltreasurer or simply the treasurer, is the minister of state of the Commonwealth of Australia charged with overseeing government revenue collection, federal expenditure and economic policy as the head of the Department of the Treasury. The current treasurer is Jim Chalmers, who was appointed by Prime Minister Anthony Albanese in May 2022 following the 2022 Australian federal election.
The Australian Business Number (ABN) is a unique 11-digit identifier issued by the Australian Business Register (ABR) which is operated by the Australian Taxation Office (ATO). The ABN was introduced on 1 July 2000 by John Howard's Liberal government as part of a major tax reform, which included the introduction of a GST.
Australian labour law sets the rights of working people, the role of trade unions, and democracy at work, and the duties of employers, across the Commonwealth and in states. Under the Fair Work Act 2009, the Fair Work Commission creates a national minimum wage and oversees National Employment Standards for fair hours, holidays, parental leave and job security. The FWC also creates modern awards that apply to most sectors of work, numbering 150 in 2024, with minimum pay scales, and better rights for overtime, holidays, paid leave, and superannuation for a pension in retirement. Beyond this floor of rights, trade unions and employers often create enterprise bargaining agreements for better wages and conditions in their workplaces. However, in 2024 collective agreements only cover 15% of employees, while 22% of employees are classified as "casual", meaning that they lose many basic protections other workers have. Australia's laws on the right to take collective action are among the most restrictive in the developed world, and Australia does not yet have a general law protecting workers' rights to vote and elect worker directors on corporation boards as do most other wealth OECD countries.
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope are determined by the Australian Securities and Investments Commission Act 2001.
In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Compliance has traditionally been explained by reference to the deterrence theory, according to which punishing a behavior will decrease the violations both by the wrongdoer and by others. This view has been supported by economic theory, which has framed punishment in terms of costs and has explained compliance in terms of a cost-benefit equilibrium. However, psychological research on motivation provides an alternative view: granting rewards or imposing fines for a certain behavior is a form of extrinsic motivation that weakens intrinsic motivation and ultimately undermines compliance.
The District Court of New South Wales is the intermediate court in the judicial hierarchy of the Australian state of New South Wales. It is a trial court and has an appellate jurisdiction. In addition, the Judges of the Court preside over a range of tribunals. In its criminal jurisdiction, the Court may deal with all serious criminal offences except murder, treason and piracy. The Court's civil jurisdiction is generally limited to claims less than A$1,250,000.
Clement Attlee was invited by King George VI to form the Attlee ministry in the United Kingdom in July 1945, succeeding Winston Churchill as Prime Minister of the United Kingdom. The Labour Party had won a landslide victory at the 1945 general election, and went on to enact policies of what became known as the post-war consensus, including the establishment of the welfare state and the nationalisation of some industries. The government's spell in office was marked by post-war austerity measures, the violent crushing of pro-independence and communist movements in Malaya, the grant of independence to India, the engagement in the Cold War against Soviet Communism as well as the creation of the country's National Health Service (NHS).
Superannuation in Australia or "super" is a savings system for workplace pensions in retirement. It involves money earned by an employee being placed into an investment fund to be made legally available to fund members upon retirement. Employers make compulsory payments to these funds at a proportion of their employee's wages. From July 2023, the mandatory minimum "guarantee" contribution is 11%, rising to 12% from 2025. The superannuation guarantee was introduced by the Hawke government to promote self-funded retirement savings, reducing reliance on a publicly funded pension system. Legislation to support the introduction of the superannuation guarantee was passed by the Keating Government in 1992.
In trust law, a bare trust is a trust in which the beneficiary has a right to both income and capital and may call for both to be remitted into their own name. Assets in a bare trust are held in the name of a trustee, but the beneficiary has the right to all of the capital and income of the trust at any time if they are 18 or over, or 16 or over. Bare trusts are often used to pass assets to young people - the trustees look after them until the beneficiary is old enough.
Fairfax v Commissioner of Taxation is a High Court of Australia case that considered the scope of the taxation power in section 51(ii) of the Constitution.
KiwiSaver is a New Zealand savings scheme which has been operating since 2 July 2007. Participants can normally access their KiwiSaver funds only after the age of 65, but can withdraw them earlier in certain limited circumstances, for example if undergoing significant financial hardship or to use a deposit for a first home.
Social welfare has long been an important part of New Zealand society and a significant political issue. It is concerned with the provision by the state of benefits and services. Together with fiscal welfare and occupational welfare, it makes up the social policy of New Zealand. Social welfare is mostly funded through general taxation. Since the 1980s welfare has been provided on the basis of need; the exception is universal superannuation.
The Third National Government of New Zealand was the government of New Zealand from 1975 to 1984. It was an economically conservative government that aimed to preserve the Keynesian economic system established by the First Labour government and was also socially conservative. Throughout its three terms it was led by Robert Muldoon, a populist but antagonistic politician who was sometimes described as the National Party's best asset and worst liability.
Australian corporations law has historically borrowed heavily from UK company law. Its legal structure now consists of a single, national statute, the Corporations Act 2001. The statute is administered by a single national regulatory authority, the Australian Securities & Investments Commission (ASIC).
A bonus payment is usually made to employees in addition to their base salary as part of their wages or salary. While the base salary usually is a fixed amount per month, bonus payments more often than not vary depending on known criteria, such as the annual turnover, or the net number of additional customers acquired, or the current value of the stock of a public company. Thus bonus payments can act as incentives for managers attracting their attention and their personal interest towards what is seen as gainful for their companies' economic success.
Fitzgerald v Muldoon and Others is a 1976 New Zealand Supreme Court case concerning whether press statements by Robert Muldoon had breached section 1 of the Bill of Rights 1688. In its decision, the court ruled "That the pretended power of suspending of laws, or the execution of laws, by regal authority, without consent of Parliament, is illegal". The case has since become one of New Zealand's most important constitutional law decisions.
Deirdre Frances O'Connor is an Australian lawyer, academic, former Judge of the Federal Court, President of the Administrative Appeals Tribunal, and President of the Australian Industrial Relations Commission.
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