Bob Katter (Kennedy, Independent) Share this | Hansard source

I apologise, it was something I wanted to raise, but I will move back onto the superannuation issue.

In North Queensland we have the great treasure troves of Australia that need to be opened up. They need superannuation moneys; I do not think they can be opened up without superannuation moneys. We have 40 per cent of Australia's coal reserves in the Galilee Basin—40 per cent of the nation's entire coal reserves. They need probably $1,000 million or $2,000 million worth of railway line to go in there, Minister. That money can only come from superannuation funds. In the whole history of Australia this infrastructure has been built by government, except for in the last 25 years.

There was a 60-40 rule which existed in superannuation, Minister, which is very relevant to the amendment being moved by the opposition here. That 60-40 rule said 60 per cent of all superannuation moneys went into government securities. That money was used to build a canal to get our phosphate and our iron ore out from north-west Queensland, so instead of coming 1,200 kilometres back to Townsville it goes 300 kilometres on water up to the gulf.

We need electricity, and God bless your government, Minister, for already having committed $350 million—which is more than I can say for the incoming LNP government, who have knocked it on the head. They are not going to have any infrastructure at all, those stupid people. And, as I said, we need railway lines and we need one into the Galilee Basin.

So, Minister, the amendment, yes, but we would plead with you to look at the issue of superannuation moneys simply going into shares and inflating share prices, and into property and inflating property prices, and none of it going into nation building, where it has traditionally gone in the past. If it is government managed then it is secured by the government and you can safely return 7½ per cent, 9½ per cent, to the investors, which they will not get in the long term out of inflated share prices and inflated property prices. We applaud the opposition on this initiative, but we also applaud the minister and his work and we plead with him to address this problem, which I think is the greatest problem facing Australia today in our way forward.

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