Nicolle Flint (Boothby, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Revenue and Financial Services. Will the minister update the House on the action the government is taking to ensure that the interests of hardworking Australians are put ahead of the vested interests in the superannuation industry? Why is it important that we act to improve the transparency of super funds?

Kelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | Link to this | Hansard source

I'd like to thank very much the member for Boothby for her question. The Turnbull government has today introduced a very comprehensive set of reforms for Australia's compulsory superannuation system, all designed to protect members' money and members' interests. These reforms apply across the superannuation funds equally. We are legislating a consistent minimum standard for one-third independent directors, including an independent chair, to improve governance and strengthen conflict management across the entire superannuation industry. Australians do deserve the best and brightest minds to be the custodians of their hard-earned retirement savings.

Reports in the Adelaide Advertiser today, though, show us just why these sensible, long-overdue reforms are needed. Serious questions have been raised about the way that the AWU appoints its people to the board of Statewide Super. It's been revealed today that the AWU treats board positions to the $6.5 billion industry super fund for South Australian workers like a family game of pass the parcel. The current AWU representative was appointed after the previous representative, her husband, was lobbed into the South Australian parliament for the Labor Party. He had become the AWU representative after the previous AWU representative, who was his father. Are we really seeing a return to peerage in South Australia? Honestly! It appears to be just another example of nepotism and self-interest by the Leader of the Opposition's AWU, putting his own self-interest and the interests of all those members ahead of—as they should be—the workers'.

Earlier in the week, we learnt about the flow of money from superannuation funds to trade unions, but the report today tells us about the payment from superannuation funds direct to the Labor Party. The Australian Electoral Commission records show that the South Australian Labor Party received over $16,000 from Statewide Super in 2015-16. How on earth can this possibly be in the interests of hardworking South Australian members of Statewide Super? Perhaps the member for Hindmarsh might shed some light on this matter. After all, following his election defeat in 2013, he held a position in the South Australian Services Union and, between 2013 and 2016, he was a director of the board of Statewide Super at the very time that this payment was made from Statewide Super to the South Australian Labor Party. How on earth could anyone justify channelling the funds of hardworking South Australian workers in this way? (Time expired)

Ms Madeleine King interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Brand is warned.