Bill Shorten (Maribyrnong, Australian Labor Party, Minister for Financial Services and Superannuation) Share this | Hansard source

Anyway, in the spirit of Christmas, thank you, Member for North Sydney, for your support. I am sure it will be invaluable for me!

The government will not be supporting these amendments, for the following reasons. These amendments mirror what was proposed by the opposition during the debate on the Fair Work Amendment Bill, which has passed both the House of Representatives and the Senate. We did not support them then—as employer groups did not, as a range of superannuation interests and stakeholders did not and as unions did not. The proposition being advanced by the member for North Sydney is simply unworkable. It would create red tape and complexity for employers and employees. The idea that you would have telephone-book-sized lists of superannuation funds and default awards is simply unworkable.

I do not accept the characterisation by the member for North Sydney that employees do not have a choice about funds. They always have a choice about funds. The independent tribunal, the Fair Work Commission, under the act which we have just passed will have an expert panel. Every superannuation fund that passes the MySuper test will be able to submit a written expression of interest to be considered for one of 128 modernised awards in Australia. After the expert panel looks at who is appropriate and looks at their bona fides, it will then be a matter for a full bench of the Fair Work Commission to decide. So we have put forward more transparency than has ever existed before. Employees still retain choice. Parties have the ability in an enterprise agreement to work out what they want to do, and it does not have to be a fund from the award. So there is more transparency, there is more choice and there is a process which will sort the wheat from the chaff. For those reasons we will not support these amendments.

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