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

I withdraw. I will continue on my reflections on the legislation and raise my general concerns about the integrity of the system and the integrity of the people who espouse it and integrity in the situation where we might have particular people who have a complete disregard for tax integrity. There are of course some people inside and outside this place who have little regard for the expenditure of public money and how it is spent. So I welcome the opportunity, at least because it seems that the member for Whitlam in his address still has not come to terms with the basic reality of the extent of multinational tax avoidance. In fact, he started from the proposition of the member for Mackellar, who got up directly and challenged the fact that he was claiming $13 billion of foregone revenue when in fact it was only $2 billion. That can only happen in a situation where they have little or no interest in the facts of the matter and in the legislation at hand.

The basis of our support for this legislation is simple: we want to make sure that super funds can merge appropriately in the best interests of their members. It's a legitimate objective and one that we should support on basis of integrity, but also to make sure that super funds can act where they see fit through consolidation. It's also about making sure we have global entities meeting and honouring their obligations to the Australian taxpayer. The reality is that when you have a tax system with leakage or opportunities where people can forego their responsibility, somebody else has to pick up the burden, and it falls on the Australian taxpayer to carry the cost to society. Everybody must share in that responsibility. That is the basis on which I support the legislation but not the show ponying of the opposition in their amendment to the legislation.

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