Tuesday, 2 August 2022
Questions without Notice
My question is for the Minister representing the Minister for Financial Services, Senator Gallagher. Minister, right now superannuation managers can only spend their members' money to support their members' financial wellbeing. I would have thought that's just basic common sense, but somehow Labor doesn't agree. Don't you care if directors spend Australians' retirement money on stuff they don't need? We know they'll go back to paying for flashy corporate retreats and news websites like they were doing before we changed the laws.
I will have to come back to Senator Lambie on that question. I'm sorry. I would want detail before I provide an answer to the chamber. I don't want to be incorrect and have to come back and correct the record. My apologies.
Everybody knows super managers make donations to political parties and industry groups, which I bet many members do not know and which I do not like. At least they have to tell members who they're donating to and how much they're giving them. Why is Labor proposing to change that? Aren't you guys supposed to be about transparency? That's what you sold during your election. Or do you only care about transparency when you're trying to win elections?
No, we are a big supporter of transparency and we'll be a lot more transparent in a whole range of areas than those opposite have ever been. As to the detail, I will come back to Senator Lambie with an answer.
Labor says the changes are about reducing complexity for directors, but directors still have to tell members how much they spend on donations, just not where the donation money is going to. Won't that mean they'll have to keep those records anyway? Isn't this really just about hiding super money going to Labor and the unions?