Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

The Leader of the Opposition's objection underscores the lack of knowledge that he has—and presumably many others have—about the current requirements of the superannuation system. If he did know what the current requirements of the superannuation system were, he would know that, currently, under the current law, funds are required to have a diversified asset base. So, if the only asset in the superannuation fund is one asset, as the honourable member describes, they are in breach of the current laws, and they should take that up with their financial advisers. They should raise the issue with their financial advisers.

As I was explaining, the Leader of the Opposition may not know this, but the member for Deakin does, because, when he was the minister responsible for the tax office, he had the tax office write to all of those funds that had only one asset in them and warn them that they had to make provisions for liquidity events. They may not understand what the current law is, but the member for Deakin does. (Extension of time granted)

Opposition members interjecting—

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