Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

The Labor Party will be supporting the amendment moved by Senator Murray on this occasion. I know Senator Murray has moved similar types of amendments on other occasions, so it should not be taken as an indication of automatic support for the same, or similar, amendments in other pieces of legislation. One of the interesting aspects of this legislation, which I know the Senate Economics Legislation Committee examined fairly extensively during the inquiry, is the governance arrangements of the Future Fund board, the so-called board of guardians.

That was the main focus of the committee inquiry, because the governance arrangements of the proposed Future Fund are not as were announced as policy by the government in the 2004 election. We were assured of a fully and totally independent board, but the legislation provides for a direction of investment mandate by a collection of ministerial directions which can be made to the board regarding the investment of the funds. So ministers, the Treasurer and the finance minister in this case, have the power to direct. Goodness knows what would happen if we ever had a National Party finance minister. I do not think we are ever likely to—Senator McGauran, perhaps. He can live in hope of a promotion to finance one day. But goodness knows what would happen if we had a National Party minister directing.