Alex Gallacher (SA, Australian Labor Party) | Hansard source

There might be a figure of $380 across the sector, but we have very specific funds saying it is much less than that, and they have provided evidence to that effect. The reality is that one size doesn't fit all. Your fairly blunt instrument is going to excise a whole cohort of people who, on your own evidence, don't know anything about their super, have no engagement with their super and haven't taken any action to opt out. If your argument was correct they would have opted out. My argument is the reverse. How can you expect people who are not engaged, for whom there is no evidence that they're getting financial advice, to opt in? They don't expect anything unexpected to happen to them. The reality is that industry super funds in particular have looked at a cohort and made a best-interest decision as a result of a group life insurance policy for the whole cohort of members. They believe that's correct. You believe it's incorrect. If your legislation gets through there's a cohort of people who will have nowhere to go, if they're not engaged and they haven't opted in, in the event of something untoward happening. What do you say in respect of that?