Deborah O'Neill (Robertson, Australian Labor Party) Share this | Hansard source

I am very pleased to rise to speak on the private member's motion of my colleague the member for Greenway. For those who might be listening outside the chamber, I put on record that, when we hear the confected outrage of those opposite, complaining about efficiency, transparency and competitiveness, we have to remember what their effective model was when superannuation came in. It was to have no superannuation.

What was their model of transparency? There was no transparency, because there were not any superannuation funds, except for the very, very wealthy and those who were born into lives of privilege, with education from their own parents in-house about how to look after their retirement. Where I grew up, in the western suburbs of Sydney in the seat of Greenway, I can tell you that superannuation conversations around the table were not too common. It took a Labor government to come in and create a superannuation sector and to deliver it for the Australian people, because we believe every Australian has a right to a dignified retirement, not just some Australians, as those opposite would have allowed to continue to be the case.

Much of the activity that happens in this very important place, in this chamber of the parliament, can seem very removed from the Australian people, who are moving around the economy and in the community outside here. Much of what we do does not get the attention or the coverage that it warrants. But this policy, our superannuation policy, has made the lives of millions of Australians better. Indeed, it will go on to support generations of future Australians in living in retirement with dignity and comfort.

Compulsory superannuation is a keystone Labor policy. When it was brought in it was a historic achievement for all working Australians. Let us hark back to the language that those opposite used at the time. At the time they said no. They continue to say no to innovation that looks after most Australians. At the time they said, 'We can't afford it.' It concerns me greatly as I move around in my community at this time that that is a catchcry of those opposite: 'We can't afford it.' If they had had their day back then, all the people who are rightly very interested in their superannuation right now would not ever have had any superannuation to be able to discuss or to think about. It was only a Labor government that delivered that significant, historic outcome of which we are reaping the current benefits.

Since the days of Hawke and Keating, the Australian superannuation industry has expanded to such a level that it is now the fourth largest pool of retirement fund assets in the OECD. That is a great savings achievement by Australian people, led by government innovation that could see long term into the future rather than just the short term, where those opposite continue to be focused. These funds have also helped to safeguard our economy from some of the worst aspects of the GFC that have afflicted nations around the world and they play an increasingly important role in funding our investment needs. Of course, the growth of this market also means that there has been an explosion of products available for customers, and the pros and cons of each are not always clear, particularly to people who might not have the advantage of having learned that at their mother's or father's knee in home conversations.

I commend this government for the work they have done to streamline superannuation products and services for all Australians. It is very helpful when selecting a product to be able to go out and make comparisons. That has not been the case until the reform that we have introduced. The MySuper legislation has created a new default superannuation account with low fees and more transparency, which will mean more Australians will get their fair share of their retirement funds and not have them siphoned off in unclear and excessive fees and charges, which was the case—not for all companies but certainly enough to make a difference to average Aussies.

While many Australians will start earning super when they get their first job at 15, we do not give serious consideration to our retirement until we are a little older. In the intervening time, people have the right to know that their money is working for them, not for somebody else's advantage. Bringing in legislation about conflicted remuneration, making sure it is in the best interests of owners of superannuation and that that is at the forefront of consideration are vital, and that is what this government has achieved. We have a cheaper and more accessible, transparent and understandable form of superannuation management as a result of our reforms.

We on this side of the House should also be proud of increasing the superannuation guarantee from nine to 12 per cent. Of course, the catchcry from those opposite, once again, is, 'But we can't afford it.' We have to remember, every time they say that, that that is a plan to take something away from ordinary Australians in seats like mine of Robertson. (Time expired)

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