Sam Dastyari (NSW, Australian Labor Party) Share this | Hansard source

No. Industry super funds along with retail funds and public sector funds can provide information to their members about their interest in the fund via intrafund advice. This is paid for form from the general administrative fee for the fund. The Cooper review found it cost members less than 2c a week. Whether they are an industry fund, a retail fund or a public sector fund, it is actually the same. There is no special arrangement and all super funds are treated the same.

I want to go back to why we are having this debate and why we are here today. Minister, I believe the process that got us here is the wrong process. Is this the best way to deal with this issue? Unfortunately, it is not, but it is the situation we have arrived at. Frankly, the process where regulations were put in hours before they were to be enacted at the end of June this year was the wrong way to proceed and it left us with no other option than to go through a disallowance process.

I note the minister is also of the view that there should be some kind of a facilitative approach and a facilitation process as part of this. I think he commented that I had nodded. I certainly agree. A sensible and reasonable way of approaching this is by making sure that there is a grace and transition period. I think everyone in this place would believe that that is a reasonable approach. I reject the notion, however, that there is no difference in that happening. ASIC has been very clear about this in the past: the difference is about intent, about whether people are intentionally going out of their way.

I want to thank everybody who has participated in this debate. I want to thank the many speakers and the many contributions they have made. Minister, I urge you as part of this process to talk to the opposition and the crossbenchers, and when you are looking at the legislative approach that you make sure there is a good representation of the wide-ranging views that have been outlined here today.