Unidentified interjection - Hansard doesn't record who said this
Hon. Senators:
Honourable senators interjecting—
Sue Lines President
Order! May I remind the Senate this is a motion you voted for. I said at the outset there is to be silence. Senator Smith, resume your seat. I've already called Senator Hume.
Senator Hanson-Young, you may leave the chamber if you can't stop interjecting. Senator Hume.
Jane Hume Victoria, Liberal Party
My question is to the Minister representing the Treasurer, Senator Gallagher. On Monday the Treasurer said that he would not be watering down the superannuation performance test and that he takes his responsibilities as a Labor Treasurer seriously as the custodian of super. Yet last night the Treasurer confirmed that he would be pushing ahead with changes to the superannuation performance test, to ensure the nation's retirement savings were available to invest in Labor's political priorities. So, Minister, which is true? Will you guarantee that the performance test will not be watered down, or will you be interfering in super rules that have worked so well, to tap Australians' hard earned retirement savings for Labor's election commitments?
Sue Lines President
I hope, Senator McKenzie, that that is the first and last interjection. I don't know how many times, since we got to question 11, I have reminded senators that this was your choice and I expect there to be silence. Minister Gallagher, please respond.
Katy Gallagher ACT, Australian Labor Party, Minister for the Public Service
3:11 pm
Labor is the party of superannuation. We always support strengthening superannuation. We support the superannuation funds to return good returns to their members, and the Treasurer's plan outlines our vision to do that.
Jane Hume Victoria, Liberal Party
Minister, the superannuation performance test does not stop superannuation funds from investing in any asset so long as the investment stacks up financially, and you know this. It only prevents super from becoming a vehicle for a political agenda. Minister, if Labor's political priorities are such good investments, why are super funds not investing in them already? Isn't it because Labor's priority projects are, in the opinion of the investment professionals, not in members' best financial interests?
Katy Gallagher ACT, Australian Labor Party, Minister for the Public Service
No.
Jane Hume Victoria, Liberal Party
Minister, surely after three years of inflation driven bracket creep and high commodity prices generating record levels of taxation, you could use the Commonwealth's revenue to fund Labor's election commitments. Is the reason your government wants to tap superannuation for its nation-building projects that Labor and you can't manage the budget?