Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Hansard source

Once they are minimised and removed, the inefficiencies reflected by double or triple administration and investment fees, higher fees than are necessary, it is estimated that the reforms announced by the Gillard Labor government will save members $2.7 billion a year in fees. Lower fees mean higher retirements incomes for all Australians. SuperStream will improve the back office processing of superannuation. It is estimated that will save up to 25 per cent of the administration costs and again that will equal a saving in the system of approximately $1 billion a year. There are an estimated 5.8 million super accounts currently containing $18.8 billion in lost superannuation moneys—an issue that has been long untouched by previous governments. (Time expired)