Matt Thistlethwaite (NSW, Australian Labor Party) Share this | Hansard source

As Senator Conroy points out, the cheapest funds were the industry superannuation funds. They were the best performing and the cheapest, so naturally workers and investors flocked to the industry funds. It backfired on the opposition and it will again, because this government is committed to increasing the pool of superannuation funds from nine to 12 per cent, to simplifying the system by introducing MySuper, to ensuring that Australians can have greater confidence that their pool of superannuation funds are being invested wisely and that the trustees' obligations are being increased. That is why this bill is necessary, and I commend the bill to the Senate.