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

I accept that it is not a superannuation account, but it is first home saver account and, Senator, you are arguing that it has similar features to the superannuation children’s account. I know that you were not here, Senator Bernardi, but I asked quite a number of questions of Senator Coonan over a number of question times and at estimates, in an attempt to find out how many superannuation children’s accounts were opened. I could never get an answer. I know why I never got an answer. It was because, industry informed me, there were only three accounts opened for superannuation children’s accounts—hence my comments about the behavioural response.

We believe that we have established the appropriate parameters. We do not believe it is appropriate to extend it to children. The issue of children’s saver accounts in the superannuation context unfortunately—I do say ‘unfortunately’—is evidence that the take-up of children’s accounts would be very low in that area if it were adopted. I thank all senators for their contributions. I reiterate that we are investing $1.2 billion in this medium-term savings vehicle, the First Home Saver Accounts policy.

Question agreed to.

Bills read a second time.