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

As a result of the new reforms that our government has put in place in transparency in superannuation, there will be a new requirement for superannuation funds to publish an annual report and have it filed with ASIC. It didn't occur under this mob over here. They said they stood for transparency. There was no requirement to produce and file an annual report. That is a new legislative requirement.

In addition to that, there will be an annual transparency report, including on the matters that have been raised by the member who's been ejected from the chamber, about donations, about payments to related parties—a single point of truth so that it is available not only to fund members but to journalists, to analysts and to members of parliament to understand and look at the payments that have been made and the performance of every single fund that you are a member of and every other fund in the registered superannuation system as well. In addition to that, they will receive a notice of annual meeting.

Under the proposition that the members opposite are putting forward, you will not get one extra skerrick of transparency but loads of confusion. (Time expired)

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