Peter Whish-Wilson (Tasmania, Australian Greens) | Hansard source

I might add, just to get on the record, the way we estimated the costs using the PBO data which I mentioned in the Greens' earlier contribution. If we assume the historical data is accurate, we're looking at $600 million a year that is paid out to this vulnerable cohort on average. May I remind the chamber that it suggests a number of vulnerable Australians—young Australians and low-income Australians—are currently using the default insurance that they get through their super. We believe the costs would be $600 million a year maximum.

We could have a debate at some other time as to whether that's a reasonable investment by government in vulnerable Australians. I believe it probably would be. Nevertheless, it could also be reduced significantly by the payment of premiums by this cohort. But of course they're never going to get lower premiums through potential price gouging by group insurers. It could be done at cost and it could even be administered by the industry.

I'll finish just by saying that perhaps at some other time, Senator McAllister, we could look at this sort of thing in more detail because I think there is a broader discussion to be had in this country about government nationalising super across the board, let alone for this cohort. I think there is a very important role for government to play in this.

The CHAIR: The question is that the amendments as moved by Senator Whish-Wilson, (1) to (19) on sheet 8655 together, be agreed to.

Question negatived.