Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

Let me explain what the government is proposing to do and why the member for Fadden has just misled the House. There are fewer than five faith based funds in the country, and they are set up with a specific investment mandate. They say, 'If you join our fund, you can be assured that your funds are going to be invested in accordance with your religious and your faith based precepts.' Just putting the word 'Catholic' in your name does not make you a faith-based investment fund. Just putting the word 'Presbyterian' in your name does not make you a faith based fund. Putting the word 'Anglican' in your name does not make you a faith based fund. What makes you a faith-based investment fund is if your investment mandate specifically says, 'We are going to invest members' money in accordance with our faith based principles.'

Let me give you an example. If you are a member of a faith that prohibits participation in gambling or if you are a member of a faith that prohibits participation in usury—lending for an interest rate—then it is almost impossible for you to invest your funds in accordance with the principles that were just outlined by the member for Fadden, because if you invest your fund either directly or in an exchange traded fund, which is leveraged off the ASX 200, you're investing in Woolworths, NAB, the Commonwealth Bank, Coles and AHL holdings. You're invested in all of these—

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