Arthur Sinodinos (NSW, Liberal Party, Assistant Treasurer) Share this | Hansard source

I have heard of this online newspaper to be funded by three industry superannuation funds at $2 million each—an online news service allegedly taking material from the ABC and the Fairfax media; I have not heard of The Australian or TheSpectator being involved.

My point is: the superannuation funds have a duty to make sure that everything they do is in the interest of maximising returns for their members. The Australian prudential regulator has spoken to the superannuation funds involved about this matter and is keeping it under observation. We do not want a situation where members' funds are dissipated on political online news services and not being used for maximising returns. The funds involved claim that the money is coming out of their marketing budget but, as all members opposite know, money is fungible—the money you spend over here is not available to invest over there and generate a return for members. (Time expired)