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

Perhaps. I understand, though, that Singapore is probably the best example anywhere in the world of a command socialist economy. I am not suggesting that Senator Minchin or the current Treasurer would go that far, but there is potential with these directive powers for future ministers or governments to start exercising the sorts of authority of investment decisions. In Singapore, the government can literally turn off investment and redirect the entire economy, and it has done that on occasions in some sectors of the economy of Singapore. Senator Murray, we support your amendment. It is appropriate on this occasion.

I have one question for the minister. He emphasised in his speech on the second reading that the Future Fund would retain all earnings, and he made some criticisms of Labor in this regard. He might give an assurance to the parliament. Will it retain all the earnings when an actuarial surplus has been identified in the fund, if in fact that occurs? I think it is highly likely. If an actuarial surplus is identified in the fund after the actuarial assessment, whenever that occurs, and it shows that it has accrued assets at a greater rate than otherwise projected, will all of the earnings be retained in the fund? That is a question for the minister. I conclude my comments on amendment R(1).