Tim Wilson (Goldstein, Liberal Party) Share this | Hansard source

I'd like to start with my recent reflections on this motion and say that no-one is disputing that there are problems where sometimes private citizens who have done legitimate work have not had their superannuation honoured and measures that should be appropriately taken to make sure they're properly paid have not occurred. I think everyone in this chamber would share the spirit of this motion. A couple of months ago somebody from the superannuation sector came around and showed me some data around unclaimed superannuation in different electorates. My data was among the lowest in the country; most of the superannuation benefits that should have been paid to employees within the Goldstein community has been paid. That is wonderful, but I know that isn't the circumstance everywhere. That's why legitimate efforts to address some of these issues are very important, particularly in the context of making sure that we have a system that people have confidence in. Superannuation provides security for people later in life—nobody would dispute that—but it's important to make sure it's paid as people go along so they can manage affairs.

Decisions made today around superannuation can have a big impact on people's material conditions at latter stages in life. In fact, one of the things that regularly gets raised with me is that people don't really think about their superannuation until they they're over the age of 50. The advice I want to give to anyone watching this under the age of 35, or at least under the age of 50, is that you should take your superannuation seriously now. If you are able to get a principal place of residence, it's probably going to be the biggest asset you will have and the biggest opportunity you are going to have around making sure you retire with confidence, so take it seriously and make sure you get every cent that is available to you legally and that you have earned. But, in addition to that, make conscious decisions about how it is to be invested. That is where perhaps some members within this place will end up with slightly more diverse opinions between different types of funds. I have taken maximum control of my own superannuation, but I recognise that other people would like to take less control and rely on the faith and goodwill of others. That's their call.

In short, I don't think people would broadly disagree with the spirit of this motion. The government already has a clear package of reforms to safeguard and modernise the superannuation guarantee from the start of the next financial year. I think that appropriately and proportionately represents and addresses the issues for now, but that doesn't mean the spirit of the measure put forward is wrong. I think it acknowledges some of the concerns that many members have, and that have come out of parliamentary processes, and makes sure that, in introducing this legislation, future amendments may be needed. That has to be done through proper processes around making sure it's proportionally recognised by the government and with a higher degree of confidence than currently exists.

In conclusion, I welcome this proposition is from the member for Indi, along with her contribution on this issue as well as many others, and recognise the efforts that the government has already made. On reflection, it's something I continue to think about and will continue to consider as part of what we need to do to deliver the type of security and confidence people need for their future retirement. That includes me and everybody in this room. In fact, I don't think there's anybody left under the old super scheme, so now we all have to think about it. And we will continue the dialogue into the future.

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