Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

I might say that this is not the first time this has happened. Apparently Senator Coonan via her interjection believes it is the first time this has happened. It actually happened in 2001, Senator Coonan, when you were Assistant Treasurer, but we did not hear very much from you about it then. So superannuation funds have been affected adversely by these impacts. The average negative rate of return was 6.4 per cent for the last financial year. What is important, of course, is that Australians overwhelmingly do not access their superannuation at a single point in time; it is a long-term saving. The most important rate of return to focus on is the five- to seven-year rate at least, if not longer. What we do know about the Australian superannuation system is that it is robust, it is strong, and it is well diversified and well regulated. (Time expired)