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Superannuation & Funds

Commonwealth Government-Funded Paid Parental Leave - Enhancement

The Government will provide $1.1 billion over five years from 2023-24 (and $0.6 billion per year ongoing) to strengthen Australia's government-funded Paid Parental Leave (PPL) scheme and improve women's retirement outcomes. Funding includes:

• $1.1 billion over four years from 2024-25 (and $0.6 billion per year ongoing) to pay superannuation on Commonwealth government-funded PPL for births and adoptions on or after 1 July 2025. Eligible parents will receive an additional payment based on the Superannuation Guarantee (12 per cent of their PPL payments), as a contribution to their superannuation fund

This measure is expected to increase tax receipts by $155.0 million over two years from 2026-27. The cost of this measure will be partially met from within the existing resourcing of the Department of Social Services. This measure builds on the October 2022-23 Budget measure titled Boosting Parental Leave to Enhance Economic Security, Support and Flexibility for Australia's Families and 2023-24 MYEFO measure titled Paid Parental Leave Scheme - expansion and is consistent with the Government's proposed objective of superannuation to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way. This measure will help normalise parental leave as a workplace entitlement, like annual and sick leave, and reduce the impact of parental leave on retirement incomes.

Budget Paper No 2 p 166
Budget Overview p 53
Easing cost-of-living p 2
Media Release

Strengthening Tax Compliance - Australian Taxation Office Counter Fraud Strategy

The Government will provide $187.0 million over four years from 1 July 2024 to the ATO to strengthen its ability to detect, prevent and mitigate fraud against the tax and superannuation systems.

• $78.7 million for upgrades to information and communications technologies to enable the ATO to identify and block suspicious activity in real time
• $83.5 million for a new compliance taskforce to recover lost revenue and intervene when attempts to obtain fraudulent refunds are made
• $24.8 million to improve the ATO's management and governance of its counter-fraud activities, including improving how the ATO assists individuals harmed by fraud.

This measure is estimated to increase receipts by $302.2 million and increase payments by $187.4 million over the 5 years from 2023-24.

Budget Paper No 2 p 15

Treasury Portfolio - Additional resourcing

The Government will provide $136.9 million over five years from 2023-24 (and $20.2 million per year ongoing) to support the delivery of Government priorities in the Treasury portfolio. Funding includes:

• $79.7 million over four years from 2024-25 (and $9.9 million per year ongoing) to provide additional capability to the Treasury to meet Government priorities, including in consultation with the Department of Infrastructure, Transport, Regional Development, Communications and the Arts, and to the Inspector-General of Taxation and Taxation Ombudsman to support the performance of its functions
• $41.7 million over four years from 2024-25 (and $9.6 million per year ongoing) to the Treasury, the Australian Securities and Investments Commission (ASIC) and the Attorney-General's Department to regulate and support new beneficial ownership transparency requirements for Australian companies and other entities
• $8.9 million over four years from 2023-24 to improve monitoring of supermarket pricing practices, through an Australian Competition and Consumer Commission inquiry into supermarket practices and tracking and the publication of supermarket prices by CHOICE
• $2.9 million in 2024-25 to review the Australian Small Business and Family Enterprise Ombudsman, the Food and Grocery Code of Conduct, and the Tax and Corporate Whistleblower Protection Framework, as required by legislation
• $2.7 million over four years from 2024-25 (and $0.7 million per year ongoing) to support the SuperStream Gateway Network Governance Body, an industry-owned not for profit organisation, to manage the integrity of the Superannuation Transaction Network, which allows Gateway Members to transmit contribution data between employers and superannuation funds, with funding provided through the Australian Taxation Office
• $1.0 million over two years from 2024-25 for ASIC to maintain the North Queensland home insurance comparison website.

Budget Speech p 6
Budget Paper No 2 p 183
Budget Overview p 18

Workplace Relations

The Government will provide $111.8 million over four years from 2024-25 (and $12.4 million per year ongoing) to support the progression of the Government's workplace relations agenda. Funding includes:

• $60.0 million over four years from 2024-25 to increase the Productivity, Education and Training Fund to support practical activities by employer and worker representatives to boost workplace productivity and engage in tripartite cooperation. This will also support workplaces to implement policy changes such as the introduction of payday superannuation

The Government will also recalibrate the Fair Entitlements Guarantee Recovery Program to pursue unpaid superannuation entitlements owed by employers in liquidation or bankruptcy from 1 July 2024. This will achieve efficiencies of $13.0 million over four years from 2024-25 (and $29.9 million over the medium term) through an expected increase in tax receipts of $63.1 million over four years from 2024-25 (and $114.4 million over the medium term), with $44.4 million over four years from 2024-25 (and $96.9 million over the medium term) expected to be paid to superannuation funds. The Treasury manages Commonwealth payments to the states and territories. The residual cost of this measure will be met from savings identified in the Employment and Workplace Relations portfolio.

Budget Paper No 2 p 95