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

I know what you are getting at, so I would argue that there is a tender process and, interestingly, some of the retail funds—I will not name them—actually win the tenders for the investment. I am sure you are aware of that. But is there a tender, say, for building and construction? Does the commission issue a tender specifically for that? The answer is no. The other point I will make is that there is no public tender where an employer does a deal with a particular fund. We do not see the provisions because they are kept secret. You are highlighting what I think is a weakness in our system. I do not necessarily agree that what you are saying is the solution. You are highlighting a weakness. We do not know and I think we need to improve this. So we will publish the data and the commission has a process for the four-year reviews. All the parties, including those who want to be a default fund, can put their submission to the industrial commission. It may or may not be accepted. The reasons will be published.