Julia Banks (Chisholm, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Revenue and Financial Services. Will the minister update the House on the reforms to the superannuation system the government is pursuing for the benefit of all Australians, including those in my electorate of Chisholm? Is the minister aware of any other ideas that would put this at risk?

Kelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | Link to this | Hansard source

I thank the member for Chisholm for her question and I note that she works so incredibly hard for her constituents and she always puts their interests first. She recognises the significance of the superannuation system to the wellbeing of millions of Australians and she knows that that importance cannot be overstated.

It is, of course, a mandatory system, a system where it is incumbent upon every single person to make a contribution to their retirement savings. And we as a government are taking action to ensure that superannuation works for members. As announced in the budget, the government is going to protect the superannuation of millions of Australians by capping administration and investment fees, by banning exit fees, by improving the insurance arrangements that apply and by proactively reuniting people with their own money through the Australian Taxation Office. Those opposite may wish to note that the government is providing more power to the Australian Taxation Office to detect and to punish those employers who don't pay their superannuation entitlements. In fact, we are going to put them in jail, including 12 months in jail for the most egregious cases.

This, of course, is something that the Labor Party never did when they were in office. They talk a big game, but they are very poor when it comes to follow-through. The government also has legislation in the Senate which would remove restrictions on Australians being able to choose their own superannuation fund. At the moment, there are around a million Australians who have no choice in terms of the fund that they put their money into. And this is particularly egregious for those people who have previous employment and a previous fund; they might be paying multiple sets of fees and multiple sets of insurance premiums.

The government has also introduced legislation to improve the powers of the regulator to make sure that we have greater transparency over how funds use members' money. And we want to make sure that those funds are accountable to members whose retirement savings they are looking after. We of course recognise that this is a $2.7 trillion sector and we must protect members' interests.

So who is standing in the way of these reforms? Who stands against it? Vested interests and those opposite. Those opposite do not want to end the rip-offs and the superannuation rorts. As Paul Kelly puts it so well—

Mr Bowen interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

I remind the member for McMahon he's been warned.

Kelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | Link to this | Hansard source

The test for Labor is whether it puts the institutional power of the super system before the millions of people being exploited.

And we ask that question: will Labor stand with us and millions of Australians? I think the answer— (Time expired)

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Manager of Opposition Business.

Mr Tony Burke (Watson, Australian Labor Party, Manager of Opposition Business (House)) Share this | Link to this | Hansard source

I'd ask the minister to table a copy of the legislation she just demanded we support.

Tony Smith (Speaker) Share this | Link to this | Hansard source

There's no point of order. The minister was merely referring to legislation.