Jane Hume (Victoria, Liberal Party, Assistant Minister for Superannuation, Financial Services and Financial Technology) | Hansard source

Thank you for the question. The aim of this legislation is to ensure that those who are the most vulnerable, who are young and who do have low balances, are not essentially subsidising those people who do need insurance, who are older and who are far more likely to claim. In fact, this legislation is going to save an estimated $3 billion in insurance premiums in the first 12 months alone for around five million individuals. While I understand that one death is always one death too many, this is going to save millions of people billions of dollars.