Peta Murphy (Dunkley, Australian Labor Party) | Hansard source

Before I start my contribution, can I please welcome to the gallery Violet and Poppy Pullum with their mum and dad. They've come all the way from Frankston to have a look at Australia's capital and parliament today. I am pretty excited that they are here.

I thank the member for Kennedy for this motion. I think the intent of it, which is about investing in Australian manufacturing and investing in making things in Australia again, is not something that any right-minded Australian can take issue with. In fact, I know the member for Kennedy knows that making things in Australia again, Australia made, is one of the things at the heart of the Albanese government. The National Reconstruction Fund has been mentioned. The aim of that, in part, is to rebuild Australian manufacturing. Of course, the transition to renewable energy is not just important for the planet and the environment but it presents a massive opportunity to Australia and Australians to become a world leader and a manufacturing superpower in renewable energy. We dig up the critical minerals in this country that are required for renewable energy; we can and should do more in processing them and manufacturing in Australia. No right-minded person could take issue with that.

Where I take some issue with the motion put forward by the member for Kennedy is that superannuation funds should be compelled to invest in Australia. I would like them to invest in Australia. I would like Australian investments to not only be good for Australian businesses but be good for superannuation account holders. It's important to remember that the objective of the superannuation system should be, and has been, about delivering the best retirement incomes for all Australians so that they can retire with dignity.

Since Labor introduced a superannuation guarantee, it has been a great Australian success story. It does show what can be achieved by the combination of efforts of union movement workers and good, progressive governments. Since 1992, superannuation has grown from about $148 billion to over $3.5 trillion, making it one of the world's largest pension schemes. We have to be vigilant to protect that superannuation system. It's really important that while we're doing that we maximise the performance of superannuation investments and hold funds to account to ensure that all decisions are taken in the best financial interests of members.

So, Member for Kennedy, where national interests and the best financial interests of members align, superannuation can and, I would say, should make a significant difference to the national economy. Absolutely. But it is also important to always remember what superannuation is for. It's to make sure that everyone in the system knows that the objective is to deliver the best retirement incomes for Australians. I'm not sure if I qualify as a woke double-degree person that the member for Kennedy was talking about. I have two degrees, but one is in psychology and one is in law, and it's from ANU. I'm not sure whether that qualifies me as a woke double-degree holder. But I am qualified in being someone who will stand up every day for superannuation and for the difference it makes to working people.

We saw during the COVID pandemic the consequences of a failed policy which allowed and in fact encouraged people to access their superannuation early. For many people in my community and witnesses I have heard from before the parliamentary committee that I chair, it meant that their gambling habit got worse, their alcohol habit got worse—their money was just thrown up against the wall for addictions. It also means their retirement is going to be less secure for themselves and their family. We have to guard against the idea of dipping into your super to buy a house, rather than investing for your future. Member for Kennedy, I have no problem with the fundamental focus of this motion, investing in Australia; we just have to be very careful with superannuation.

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