Nick Xenophon (SA, Independent) Share this | Hansard source

I am sure. I think labelling people is not helpful. A report by Bernard Keane on 9 July makes reference to comments Senator Cormann told TheFinancial Review journalist Nassim Khadem—I think this helps clarify or at least puts into context the issue of industry super funds. Senator Cormann is quoted as saying to TheFinancial Review:

What I will do, if the Senate is indeed of the view for example that opt-in and retrospective fee disclosure requirements should stay in place for small business financial advisers, is consider whether in the interest of competition neutrality, those requirements should apply equally across the financial services sector, including to all advice provided through industry funds.

That to me is the nub of the issue and I have some sympathy for the issue. It is interesting that Mr Keane gave credit to Senator Cormann, stating:

Cormann—who to his credit is about the only Coalition minister who genuinely engages with people on social media, despite the personal abuse he receives—and I had something of a running battle on Twitter … as I tried to get him to explain what he actually meant ... Industry Super Australia, the industry peak body, joined in—

and the debate went down the path as to 'intrafund advice', which is, as Mr Keane points out, standard advice given by funds to clients about matters relating to their existing accounts.