Alex Hawke (Mitchell, Liberal Party, Assistant Minister to the Treasurer) Share this | Hansard source

We know we are talking about 30 million accounts, Member for Rankin. We know that, with the default super legislation that the Labor government passed, you are funnelling ordinary Australians' money into these funds.

Why are we concerned about the corporate governance of these funds? We are concerned about it because we want to make sure, ahead of time, that these funds are using international best practice for their corporate governance, with trillions of dollars under management. We make no apology for that, because it is better to get ahead of problems. It is not good for you—like you do so many times in this place—to come into this chamber and tell us after there has been a problem, after there has been a disaster, after there has been some trouble with some fund, and say, 'We should have done something about it.' What we do is set up good corporate governance standards, working with APRA, with all of the recommendations of the Cooper review, with the independent reviews into the Financial System Inquiry and, of course, with First State Super, UniSuper, VicSuper, Prime Super, Hostplus and Catholic Super—and I am sure there are still one or two Catholics left in the Labor Party.

But, if you do not want to listen to any of those people, to industry funds, to retail funds or to First State Super, have a listen to this, because this is someone you will pay attention to. I know every member of the Labor Party pays attention to former AWU boss Paul Howes. Shen I mention that name, the reverence that hits the faces of members of the Labor Party—

Mr Wilson interjecting—

It does; it warms the heart. We know that walking down from the mountain was Paul Howes, former Australian Workers Union boss. Not only has he indicated his support for the government's changes; he has said—

Opposition members interjecting—

This is Paul Howes; I know you need to be silent if Paul Howes is speaking. He said:

Equal representation has been a success but the evolution of the super industry is important and I cannot see anything negative in having more independents on boards.

Paul Howes, the former AWU leader, cannot see anything negative in having more independent directors and bringing us to international best practice. The Labor Party are the only ones that see anything negative in having independent directors on these boards, and you have to ask why. Why is the member for Rankin bringing in an MPI today to say that government is undermining super, when his main point is that the government is bringing Australia into line with international best practice arrangements for the corporate governance of superannuation? That is your main point; that is the only point that you raised. How can you say that the government is doing anything other than acting in the interests of every single worker by ensuring a reasonable proportion of independent directors on these boards? It does not pass the sniff test. It does not pass the Paul Howes test. It does not pass the First State Super test. It is the Labor Party that is completely out of step on superannuation.

This MPI once again highlights the great differences between the Turnbull government and the approach of the Bill Shorten-led opposition. We have a plan to ensure that superannuation is well governed and well managed and that the money that belongs to the workers—the hard-earned money of ordinary Australians—stays in their hands. It is the Labor Party that has a plan to increase the tax on superannuation, to say to people, after they have worked their whole life, that it will take more from ordinary workers after they have already paid their fair share of tax.

The DEPUTY SPEAKER (15:35): Before I call the next speaker, I would remind the good members for Scullin and for Griffith that they are out of their seats and, if they do wish to interject—which they should not be doing—it would be preferable that they were in their seats. I will enforce that rule during the next speech.

See this speech in context