Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

It's no coincidence that the member for Whitlam sought an interjection when I was explaining to the House that Australians spend more than $30 billion on super fees—more than their household electricity and gas bills—and we are seeking to reduce those fees for Australians.

This bill will remove the need for duplicate accounts. It will establish a best-financial-interests duty. It will give more choice, so Australians can get to compare the performance of their funds, in terms of fees charged as well as the return on those funds. It builds on other important superannuation reforms that we have passed through this parliament, like allowing under-25s to opt in to insurance in their super, like banning exit fees, like reducing the fees on low-balance accounts and consolidating inactive accounts. These are important reforms that are designed to support Australians with super.

While those opposite will always do the bidding of the unions and always do the bidding of the industry funds, we on this side of the House are enabling Australians to choose and to get a better deal from their fund. I remind the House that it was this side of politics that supported allowing Australians to access their own money during the COVID crisis—up to $20,000—which was another important initiative which enabled Australians to access their own money, because, at the end of the day, when people put money into superannuation, it remains their money, not the money of their unions, not the money of the industry funds and not the money of the fund managers.

See this speech in context