Matt Gregg (Deakin, Australian Labor Party) Share this | Hansard source

The amount of unpaid super owed to workers in my electorate of Deakin was $31.4 million, according to analysis by the Super Members Council in 2022-23. The analysis also highlighted that that's $1.4 billion of lost super for workers in my home state of Victoria and a whopping $5.7 billion for workers across Australia.

We're talking about a lot of money earned by workers owed to workers; it's not sitting in their superannuation accounts. It is an unacceptable and unsustainable situation. This is a problem we've known about for a long time. There has been report after report, including the 2020 review into retirement savings initiated by the coalition, and likewise. This is a well-known problem. The risks are increased when we're talking about small businesses with low turnover approaching insolvency and workers who are young and vulnerable, and we've seen the consequences play out in a very real way.

Not only do we not have the wonderful magic of compound interest playing; we also have a significant loss of insurance coverage, which we've seen many cases of—for example, people not having the permanent disability or income protection insurance that they would ordinarily have, because contributions that were lawfully required to be made weren't paid. We've also seen situations where a person who may be eligible to withdraw their superannuation on compassionate grounds, such as upon the death of a spouse or dependent, have not been able to access super, because, once again, the money simply hasn't been put into the account. This isn't money that is given as a gift to workers; this is money earned, owed and part of their remuneration—and, unfortunately, on a mass scale, hasn't been received. These are debts that need to be claimed in a better, more efficient and effective way, and this bill provides that means.

This bill is the commonsense approach. When I talk to people in my electorate, they wonder why the it hasn't already happened and why it isn't already the case that superannuation has to be paid into the worker's account at the same time as they receive their wages. After all, remuneration isn't a business credit facility. It's not there as a loan to pay for other expenses. It is a debt owed to workers. This legislation sensibly adjusts that, and I welcome the fact that at least that principle has been adopted by many people in the coalition.

Unfortunately, as I walked past this chamber last night I overheard the contribution of the member for Goldstein, who decided to pop on the tinfoil hat, pull out the coathanger and start speaking in fluent crazy. He went on and on about serfdom and the fact that superannuation was some kind of a conspiracy by the Labor Party to line its own pockets. He said the pre-1992 position on superannuation was somehow more logical. Why?

Superannuation did the daring thing of saying that working people had a right to a share in capital wealth. It was the idea that it wasn't just the wealthy or those lucky enough to be with certain employers who got the benefits of superannuation but every single wage earner in the country. It was one of the most important reforms to working life in the twentieth century—and they simply don't get it.

I wouldn't be so bold as to presume that it's Liberal Party policy. We all know for a fact that the Liberal Party and the coalition have many different policies simultaneously at the moment, because they can't seem to agree on anything. But one of the saddest things about the member for Goldstein's contribution was that, if that is the sensible centre of the Liberal Party, God help us all! It shows that even their moderates have jumped onto the crazy train, not knowing where they're going. We find that superannuation remains something that causes them heartburn. They hate the idea that workers are in the system, somehow getting their place in the boardroom and taking their opportunity to take their fair share of the wealth of this great country. Superannuation is essential because it is compulsory—the fact that we are together saving for our retirements. We're not relying on the aged pension, which has never provided the quality of life we expect and hope for for our older citizens. In order to live a comfortable and decent life as an older person, as we live longer, as we grow as an ageing population, it's more essential than ever that we look after our superannuation system, we jealously guard it and we make sure all Australians have access to the dignified retirement that they deserve.

Unfortunately, we've seen some immature debates around what superannuation is for. Is it going to be an alternative to fixing the housing crisis? Is it something that should be withdrawn at will at the last minute to pay for certain things? Is it something we have decided is essential for the saving of retirement amounts for all workers? I think it's the latter; I believe it's there to provide a dignified retirement to workers as they age. Most Australians agree. They know it's there, they value the system and they have received the benefits. In my electorate of Deakin, we've got an increasing number of people aged over 65 and a decreasing number of people on the aged pension. Superannuation is working. It is delivering a better quality of life for Australians all around the country at all income levels. It is doing exactly what it is designed to do. We can't afford to have any process or change that is going to undermine the accumulation of superannuation savings over time. But, sadly, that remains an item of contention from time to time in this House.

Luckily, this approach, payday super, reflects common sense. From what I can tell, even from the amendments with the usual dose of nuttiness, there is at least consensus on the notion that payday super is a way of ensuring workers are getting the amounts they are owed and deserve, that we can safeguard some of our most vulnerable workers from losing the superannuation they've already earned and that we have better capability of enforcing against noncompliance with superannuation guarantee obligations. We've seen many, many occasions where unpaid super going over years is not being repaid. Workers, because of the way the information is delivered to them, can barely tell whether or not superannuation has been paid at a particular time, because they can't just pick up any old payslip and find out whether it's happened—so they find themselves in a situation where it's not being called out in time. By the time they find out they have not been paid, the company has either gone into administration or ceased to exist, and the capacity for that worker to recover either through the ATO or directly has completely expired.

We need to get to the point where workers can be confident that the money they've earned has been paid. It is not a controversial ask. But, for some reason, as is often the case in this House, we are seeing some rather strange and eclectic contributions. Among them last night was the conspiracy about what super is—

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