Eric Abetz (Tasmania, Liberal Party, Deputy Leader of the Opposition in the Senate) Share this | Hansard source

If I may continue on this very issue, it is interesting to note—this is very important—that the Australian Industrial Relations Commission on 12 September issued a statement accompanying the release of 14 draft priority modern awards. This is what they said:

We do not think it is appropriate that the Commission conduct an independent appraisal of the investment performance of particular funds. Performance will vary from time to time and even long term historical averages may not be a reliable indicator of future performance.

The Industrial Relations Commission is going to make the determination for each employee without looking into what it believes may or may not be the best fund.