Jenny McAllister (NSW, Australian Labor Party, Shadow Cabinet Secretary) Share this | Hansard source

I want to place on record the opposition's position in relation to the Greens' amendment. The minister has correctly observed that it is quite similar to the amendment Labor moved yesterday. We naturally preferred our amendment on the same topic but, since the Senate has not supported that amendment, we believe that the amendments on sheet 8981 are preferable to having no amendments in this area at all. We don't accept the minister's characterisation of propping up a particular fund. UniSuper's been very clear about the actuarial basis for providing a defined benefit fund and the need for the maintenance of a broad pool and the need to avoid adverse selection. We think that amendments in this area are supportive of producing good outcomes for members—that is, retaining the ability to take advantage of the outcomes produced by a defined benefit fund.