Bob Baldwin (Paterson, Liberal Party, Shadow Minister for Tourism) Share this | Hansard source

I stand today to speak to the Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012. From the outset, let me say that I have real concerns with the speed at which this bill has been brought to this House. I understand from the government's perspective why it needs to introduce this bill, which will bring $700 million into consolidated revenue and some $886 million into consolidated revenue over the forward estimates. This consolidated revenue benefit is designed to do nothing more than prop up the budget in an attempt to produce a surplus to make the government look good. This is not earnings by government. This is taking the money which individuals or corporations own and that is in bank accounts, life insurance and superannuation policies that actually belong to someone. Your excuse is that this money does not belong to someone, so therefore it belongs to the government, and therefore the government can use it to prop up its ineptitude in managing a budget. I have real concerns with the speed.

These concerns have been expressed in dissenting reports put down in the Senate. In particular, one of the things that really concerns me is in relation to superannuation, and the fact that the government will deem an account lost or inactive if there has been no action within 12 months. There are a large number of people, particularly young Australians who, when they leave school and start work might have a multitude of jobs; might amass a lot of small amounts of superannuation which they have not consolidated into one account. They might go travelling or they might go overseas for 12 months as a rite of passage as they explore offshore opportunities. Indeed, they might even go bush for 12 months and jackaroo or work up in Cairns in the tourism industry and be deemed non-contactable. Therefore, their hard earned money will go into consolidated revenue for this government. It is true that when it is claimed back they will be able to get an interest supplement from the government at the lowest rate.

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