Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

When will those opposite understand that superannuation belongs to the people who put it there! It belongs to the people who put it there. It doesn't belong to the fund managers. It doesn't belong to the unions. And it doesn't belong to the honourable member.

The reality is: this legislation before the parliament will help put an extra $17 billion in the pockets of people who have superannuation. That's because it's going to provide more choice. That's because it's going to provide more competition. That's because it's going to allow Australians to go online and see the performance of their super fund, both in terms of fees charged and the performance of the fund. We're getting rid of duplicate, unnecessary, unwanted accounts, as was recommended by the Productivity Commission. It might surprise those opposite to know that Australians spend more than $30 billion a year—

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