Jane Hume (Victoria, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Senator Gallagher. Last week, the treasurer announced:

… we are going to have another look at the super performance test …

and that this would be done to remove obstacles and impediments to super investing in areas like housing and other areas where there's clearly a national need. The performance test does not stop superannuation funds from investing in any asset so long as that investment stacks up financially. It does, however, protect superannuation members, ensuring that superannuation is invested solely in the members' best financial interests and preventing super becoming a vehicle for a political agenda. Minister, when the Treasurer says that he will be taking another look at the performance test, specifically what tweaks does the government have in mind?

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

I thank Senator Hume for the question around an issue that came up during the Treasurer's economic roundtable discussions that were held last week. This was an issue that was raised and has been raised by some. It came up under the section of the roundtable that was looking at capital investment, capital flows and how to ensure that we get the investment in Australia that's needed to support the growing needs of our economy and our country.

The Treasurer has said that he will have a look at it, but he has also made it clear that his assessment of any changes that may come will not be around the super objective and responsibility that funds always look for the best outcome for members. He's been very clear about that. This is one of the areas that has come up. It is going to be an area that will be looked at further, but the Treasurer has not concluded his thinking, nor has the government concluded our thinking on that. This is one of a number of areas which we are doing further work on coming out of the economic reform roundtable, but the Treasurer has been very clear, looking at the performance test, about the areas that he is not going to.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Hume, first supplementary?

Jane Hume (Victoria, Liberal Party) Share this | Link to this | Hansard source

When the coalition government introduced the performance test, Australians were paying more for their superannuation fees than they were on their electricity and water bills combined. Thanks to the coalition's reforms, super fees are now at record lows, and super fund investment returns have exceeded market expectations every year since. Millions of Australians will now retire with more, so what problem are you trying to solve? Why do you want to make investments in superannuation that would make Australians worse off? (Time expired)

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

I don't accept that that is what we are doing—the end of Senator Hume's question. I think we're all on a unity ticket around ensuring that fees for members are low and that outcomes for members are high. That is what we seek for anyone who has a superannuation account. There has been a lot of work, and I'll acknowledge the work, Senator Hume, that you did when you had responsibility for the portfolio in looking at issues around fees. This is not around looking at those matters at all. This is an issue that has come up in the context of allowing superannuation to be invested in Australia and some of the barriers to that occurring. The Treasurer has said he will have a look at it. It has been raised. He will have a look at it. But that will not take away from the fundamental purpose of superannuation— (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Senator Hume, second supplementary?

Jane Hume (Victoria, Liberal Party) Share this | Link to this | Hansard source

This is complicated, but for those who are worried about what this actually means for them, let me explain Labor's plans in plain English. The Albanese government has said that, to increase productivity, Labor will change the rules so that their personal retirement savings can be used to deliver their campaign commitments. Minister, what assurance can you give Australians who have seen time and time again that when Labor run out of money, they come after yours?

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

It seems that those opposite haven't learnt anything from the last election. Senator Hume, to carry on like that when you know that is exactly—

Jane Hume (Victoria, Liberal Party) Share this | Link to this | Hansard source

A point of order, Madam President. Why is it always that the mean girls go personal?

Sue Lines (President) Share this | Link to this | Hansard source

Senator Hume, I am going to ask you to withdraw that.

Jane Hume (Victoria, Liberal Party) Share this | Link to this | Hansard source

I withdraw.

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

I am kind of struck by that, Senator Hume. I expected better. I always expect better from you, but there you go.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Hume, I will just remind the chamber, and you in particular, how you raise a point of order. You stand, you wait for my call and you respectfully put the point of order. What is your point of order?

Jane Hume (Victoria, Liberal Party) Share this | Link to this | Hansard source

Relevance, Madam President. I just want to know why it is that Labor come after Australians' money when they run out of their own.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Hume, you are well aware the minister is entitled to take interjections as part of the question, so I suggest, if you want relevance to your question that you believe is not there, stop interjecting. Minister, please continue.

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

Just to finish on this, Labor is the party of superannuation. We created it, we strengthen it and we've supported it to 12 per cent. The reason people have superannuation in this country is the Australian Labor Party. Those opposite have sought to undermine it every single time they have the opportunity. You never supported it. You never wanted working people to have superannuation. When you've had the opportunity, you have sought to undermine it. That is not what the Albanese Labor government will ever do with your super.