Senate debates

Thursday, 19 September 2019

Bills

Treasury Laws Amendment (Putting Members' Interests First) Bill 2019; In Committee

10:48 am

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

The amendments that the government has put forward are based on WorkSafe information, which actually does provide the information that you're seeking there. That's the best proxy we can possibly find, because essentially the data sits with the insurance company. As I said earlier, those insurance companies are very opaque about the information they have, and there are privacy issues around sharing it as well. What I can tell you, however, is that this legislation will save millions of people billions of dollars towards their retirement savings, because they have insurance at the moment that they don't want, don't need, don't know that they have and possibly can't claim on because there are other avenues to claim for accidents or potentially death. As you would know, just because you have a high-risk occupation doesn't necessarily mean that you need insurance. It's about the need for insurance. In fact, the high-risk occupations essentially are a proxy for need.

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