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

Yes. And under the modernised award the default fund is now going to be REST. That is going to have an impact on smaller schemes. Tasplan is, unfortunately, one of those schemes where business and unions get together that I was talking about before. Having only one monopoly supplier is going to have an impact on a lot of other smaller super funds.

I also understand that the default funds for the hospitality industry are HOSTPLUS and Queensland and Western Australian based funds. The ABS figures show that 11,800 Tasmanians, or 4.5 per cent of the Tasmanian workforce, are employed in the accommodation, cafe and restaurant industry. That is going to have a further impact in relation to Tasmanian based schemes. Can I also suggest that many employers have established rigorous tendering processes to choose the most appropriate default funds for their employees—those that have the best fees and performance outcomes for their employees.

I will not take the matter any further other than to say that this is unfortunately an indication that we are once again moving into the area of big business and big unions making deals, stitching things up for their own benefit with no real transparency, which the Industrial Relations Commission will just rubber stamp. It will be to the detriment of small business, of workers and of smaller funds. Having said that, I accept what the Senate is about to do and indicate that we will simply vote no on the voices.