Linda Reynolds (WA, Liberal Party) Share this | Hansard source

I too rise to commend this government on both of these bills, the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017 and the Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017, although, after speaking first of all on the Marriage Amendment (Definition and Religious Freedoms) Bill 2017 this morning, it does almost seem like a bit of a let-down, talking about Treasury and superannuation—that is, until you realise just how important these bills actually are. In 2017 the superannuation system has grown exponentially. Today it is a system now worth around $2.3 trillion. That is $2.3 trillion of money from millions of hardworking Australian men and women who absolutely deserve to know that their money is being spent in a transparent and accountable manner and in a way that is always in their best interests to probably the highest possible standards of any governance regime.

I was grossly disappointed to hear the contribution just now from Senator Dastyari and to hear that Labor are not supporting this bill. I'm disappointed but, unfortunately, hardly surprised, listening to Senator Dastyari trying his best to shadow-box against big business and big banks, and pulling out all of these absolutely spurious reasons to avoid greater governance, accountability and transparency for millions of Australian superannuation holders. I find it somewhat ironic that he and those on the opposite side, who are the biggest defenders of big unions, in this place, in recent committee inquiries, have heard that the biggest offenders of all in terms of sticky fingers are the big unions who have gone into absolutely atrociously bad secret deals with big businesses to ensure that unions keep their sticky fingers on union members' fees. Under these deals they get the big businesses to make sure that their workers' only option is to sign up with union superannuation-related funds. These bills absolutely provide greater accountability and transparency in governance. That cannot possibly be a bad thing, despite Senator Dastyari's rather clever—actually, it wasn't even that clever—or heroic attempts to find some way of demonstrating how greater accountability for those who manage our superannuation funds could be. All I'd say is, 'Good try, Senator Dastyari, but I think that's a big, fat F.'

These bills do provide greater transparency and accountability. They are unashamedly focused to ensure that Australia's superannuation system delivers outcomes for its members above the vested interests of the industry and those who manage $2.3 trillion of Australians' money by introducing a stronger regulatory framework and by assuring that a portion of the directors of these funds are independent. Just think about that. Those opposite are arguing against having a board that has a portion of the directors as independent. It is frightening that anybody in this place would argue against having independent directors. I would hope that people listening and members of the public would actually get on to the Labor Party and actually say to them, 'What is wrong with ensuring those who manage my superannuation funds have the greatest possible transparency and accountability?' Having independent people on their boards who come from a range of sectors in the community brings diversity of thought and opinion and also, I might say, a diversity of gender, which I will come back and talk about shortly.

The first of these bills, the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017, is a bit of a mouthful but an important bill. This bill provides comprehensive measures focused on protecting members' money and members' interests. It still just astounds me that anybody opposite could actually get up in this place and say, 'No, we don't believe in creating greater accountability and protections for you Australian mums and dads who have invested a lifetime of savings in your superannuation.' It's a package along with another suite of measures that has been developed with a very clear objective: to improve the outcome for Australian consumers of these products.

As the minister indicated in the second reading speech, this is what the bills will do:

… help deliver all Australians a strong and modern superannuation system with a stronger prudential regulator that is solely focused on delivering outcomes for all Australians who rely on these funds to secure their retirement.

It is pretty simple and pretty clear. Read the bill. That is clearly what it does. Yet we have Senator Dastyari coming into this chamber today to say, 'We don't support those principles. Opposition crossbenchers, go slow, don't think about these things.'