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ASFA statement on US plans to remove sec 899 from the ‘Big Beautiful Bill’

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Statement from James Koval, Chief Policy & Advocacy Officer at ASFA:

This is a really welcome step from the US Treasury Secretary and the superannuation sector is monitoring developments closely.

There’s still a way to go – the amendments need to be made by lawmakers. There are a number of other amendments under consideration. 

This section of the legislation would have changed the risk return profile of investment in the US, which would have been a poor outcome for all involved.

The superannuation sector has around USD$450 billion invested in the United States, the single largest market outside of Australia. This is money invested in US infrastructure, equities, bonds, and other areas.

ASFA has engaged closely with the Australian Government on this issue.

We know the Australian Government has been engaging strongly with their US counterparts and have been communicating the negative impact this measure could have on investment in the United States.

It is welcome to see the US Government listening and considering changes. 

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Acknowledgement of Country

We want to respectfully acknowledge the Traditional Owners and Custodians of these lands, seas, and waters throughout Australia. We pay our respects to Elders both past and present. We acknowledge the history, the resilience and the continual contributions of Aboriginal and Torres Strait Islander peoples of their Country.

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Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Wed 12 Nov
  • 4:05pm – 5:50pm
  • Pyrmont Theatre

Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.