Pat Conaghan (Cowper, National Party, Shadow Assistant Treasurer) Share this | Link to this | Hansard source

I'm calling on the Albanese government to start helping the families caught up in the biggest super failure in Australian history—First Guardian and Shield. Twelve thousand Australians have had more than a billion dollars of their super put at risk. These are everyday people who have worked hard, saved and trusted in the system, but they have lost their super because this government and ASIC failed to protect them. Rather than supporting the victims, the focus now seems to be on developing new laws. If we have learnt anything from this debacle, it's that the answer isn't always more laws. Often, ASIC and government just need to do their job.

The government has the power under section 23 of the Superannuation Industry (Supervision) Act to take action and give some hope to many of those affected by Australia's biggest super failure. They say they're waiting on advice from Treasury so they can seek more advice from APRA. My advice is simple: do the right thing. Every day of delay adds to the anxiety of people who have already lost enough. Tragically, one victim has already taken his life. This isn't a bailout; it's about delivering justice for the honest families who were let down by this government and ASIC. Don't make them wait through endless court cases. These are real people. They're good, hardworking Australians who have done the right thing. Now it's time for this government to do the same thing.