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

I remind the House that Australians pay more than $30 billion a year in superannuation fees and charges. That is more than they pay for their household and electricity bills. Our focus is about driving a better deal for Australians with superannuation. That's why we pursued policies and successfully implemented policies in this place to ban exit fees, to consolidate inactive accounts, to reduce fees on low-balance accounts and to make it optional to opt in to insurance in super for those who are under 25. Having passed the Senate, there is legislation coming to this place. We will debate this legislation to save consumers more than $17 billion on their super, to reduce their fees, to provide them with more choice and to introduce more transparency and accountability for the performance of funds, including preventing the creation of duplicate accounts. There are around 10 million unneeded and unwanted duplicate accounts. People's balances get eaten away by the fees on these duplicate accounts. What we want to do is introduce the Productivity Commission's recommendation to staple those accounts. We also want to enable Australians with super to be able to check the performance of their fund—looking at the fees charged and looking at the returns that are being earned on these super funds. We also want to introduce more accountability for the underperformance of poor-performing funds. That is in the best interests of consumers.

I was asked about alternative approaches. Those opposite took to the last election $34 billion of higher taxes on your super, preventing catch-up contributions for women who have been out of the workforce. That was their policy. On this side of the House, our policies are determined to drive down fees and charges for Australians with super and our policies are designed to improve the performance— (Time expired)

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