Steve Fielding (Victoria, Family First Party) Share this | Hansard source

The issue here is that there is a bit of secrecy about how the Industrial Relations Commission will make that choice. Competition is good to drive prices down. You have to be careful with that. I do not believe in open slather market forces; I believe in some regulation. Too much regulation and you stifle the market; open slather competition means that the biggest and best wins. I believe that we should be somewhere between the two. But how do we get industry funds and corporate funds feeling as if one of them is being cut out of the process with the Industrial Relations Commission? It is a genuine question. I have a genuine desire to understand that process. By all means you should be looking at returns over the long term—say, the last 10 years. But you may want to review that every three years and look back at the last 10. My question is: how often does the Industrial Relations Commission look at the default fund to allow those competitive forces to drive the best fund as the default?