Nick Minchin (SA, Liberal Party, Minister for Finance and Administration) Share this | Hansard source

I would like to point out to Senator Murray that of course we would expect that this will be a publicly accountable board and we would expect that it would appear at Senate estimates hearings. Senator Murray and those who succeed him will have the opportunity to question the board on its decisions with respect to those sort of corporate governance matters.

In relation to Senator Sherry’s question, we have mandated in the sense that all earnings would remain in the fund. We think it is important to make that an unqualified requirement of the fund even if, at any point in building up this fund it would suggest that actuarially the reinvestment may take the fund beyond the target required, it will still be the case that there will be this mandated position that all earnings must remain in the fund.

Question negatived.