Arthur Sinodinos (NSW, Liberal Party, Assistant Treasurer) Share this | Hansard source

It is important to protect those savings because there are $1.6 trillion of assets in superannuation and they will grow over time as the superannuation guarantee continues to increase, as it will under the bipartisan commitment to it. It is important that we make sure that those funds are invested as appropriately as possible, which is why it is important that there is transparency, there is choice and there is competition in the super fund market. The measures we are taking, which are election commitments, will help to discharge those responsibilities. I say to those opposite: the best thing that can happen to the industry funds and to the unions in this country is that they embrace competition, because competition causes people to thrive.