Gai Brodtmann (Canberra, Australian Labor Party) Share this | Hansard source

No, I think it is wonderful that they are doing that. I think it is wonderful that they are taking time off to have their babies. But, when they do go back to work, they need to throw the money in to ensure that they have a comfortable retirement.

As I said, and as the member for Kennedy just said, this is not unique to women. There are also men in this position. I know that there are men in my office who find superannuation to be a bit of a blind spot, a bit of white noise, and that is why it is important that the whole community take notice of what is actually happening with their superannuation. I have been out in the electorate and talking to people at a number of mobile offices and festivals just recently, and I have had men coming up to me and thanking me for the seminars that they have attended where I have made speeches strongly advocating for them to come to grips with this. They have started putting extra money into their superannuation accounts and they have noticed a huge difference, so they have thanked me for that. So this is a message to all Australians, not just to women. But, given those stats, women's superannuation is a real concern for me.

As I have said, Labor have a history of superannuation reform and we have always been committed to building a sustainable retirement savings base for all Australians. In the nineties, Prime Minister Keating introduced what is hailed as one of the most revolutionary economic changes in Australia, the nine per cent superannuation payment for workers, and this established the universal super scheme that we have today. Now the Gillard government are continuing that process of reform with the Stronger Super legislation. We have introduced substantial reforms, and the Minister for Employment and Workplace Relations just outlined some of those. They include improving the way that super is processed, to reduce costs for funds and their members so that more workers have more money in their accounts; the very important initiative of finding lost super; consolidating multiple accounts—very, very important; and improving the duties of trustees.

It is worth reminding the House that the minister also recently announced a 14 per cent reduction in the amount of unclaimed lost super, which is a major achievement. I know that many of my colleagues have run series of seminars and lost super programs to get their constituents to identify theirs. The total amount of unclaimed super is a staggering $17.4 billion. In my electorate of Canberra, the total amount of unclaimed super is $188 million. That is a lot of money that is just sitting there, lazily, not doing anything for a lot of Australians, including Canberrans. In the electorate of Fraser, in just one postcode, there is a significant amount of lost super; it is $32 million. That is why this government has been extremely active in helping unite Australians with their lost super and it is why Minister Shorten's announcement of a 14 per cent reduction in lost super is a real achievement, and I congratulate him.

Turning to the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012, I want to briefly go through each schedule, because they contain important reforms and improvements. Schedule 1 introduces new rules that will mean that members of the MySuper products are not paying unnecessary fees and will limit other fees that could have inhibited a member's ability to make active choices. Schedule 2 covers the insurance arrangements for the MySuper products. This is particularly important, and again I send this message to Canberrans and all other Australians: please take out TPD insurance and life insurance if you get the choice, particularly in industry superannuation schemes. I really like this opt-out clause, because it does mean that people will be protected, and it is only a very small fee as well, from memory—just from my own industry super fund. With what private insurance brokers are charging, there is just no comparison. So I really commend that element of the legislation.

Schedule 3 introduces new data collection and publication powers for APRA—again a welcome initiative, particularly the product dashboard on the websites of super funds. Schedule 4 delivers amendments to the Fair Work Act. Schedule 5 exempts defined benefit funds, those lovely defined benefit arrangements, from the MySuper regime. Schedule 6 requires trustees of super funds to transfer default amounts to members, which is very important.

This bill is another example of Labor's commitment to ensuring we have a fair, regulated superannuation industry in Australia, an industry that Australians can have faith in as they work hard to save for their retirement. As I have said many times before, superannuation is a Labor policy through and through. It was a Labor government that first introduced superannuation, and this Labor government is continuing to make reforms and improvements to it. I commend the bill to the House.

Debate adjourned.

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