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

Yes, and great temptation, Senator Murray. I agree with you. The current government may come to regret that power being conferred at some future date. But that is the provision in the bill. That is what will pass this parliament. In those circumstances it raises a number of quite legitimate governance issues. Ministers directly—they may do this directly—or the Future Fund board may be called upon to make a judgment. In those circumstances, the very special and unique circumstances in relation to the Future Fund, this amendment is appropriate—good governance, good corporate governance, and applying the principles that Senator Murray has outlined. I give him full marks for consistency. He has argued this in a range of other areas. Labor believes that the principles that have been outlined in this amendment by Senator Murray deserve support in respect of this particular arrangement.

Senator Minchin, I have to acknowledge, did respond to my question as to where this name ‘guardians’ came from. Apparently, it was the decision of the Treasurer, Mr Costello. I am not quite sure why we have ended up with ‘guardians’—