Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Hansard source

Yes. And it is a matter of concern that things of this nature are simply being denied in this place in a manner that has now been described a number of times. We on this side, as a responsible government, will continue to describe it as it is. This is the Australian Labor Party in particular negotiating and doing the dirty work for the big industry superannuation funds that we know are controlled very much by the trade union movement. That is the sad reality. What they are trying to do is to put out of business the thousands—indeed tens of thousands—of independent financial advisers right around the country. Many of them are sole practitioners—a one-man or one-woman band in regional towns. I wonder what the financial advisers in regional Victoria, or indeed in my home state of Tasmania, would be thinking about the senators from their states who might be voting to support big industry, big union super funds, against individual financial practitioners. That is a matter of great concern. These advisers had to live with uncertainty for five years, courtesy of Labor and the Greens. This uncertainty has been removed from the financial landscape, courtesy of the regulations so ably crafted by Senator Mathias Cormann—very, very ably crafted—dealing with a lot of issues that a lot of the people on both sides of this chamber agree were necessary. It was agreed that those changes were necessary, yet they will throw all those changes out—all the good changes as well. Why? To assist the big trade union super funds against the individual practitioners—the men and women who run their own businesses, who are providing tailored services to the people within their communities, who understand their community, who understand the people, who have a personal relationship with their clients—unlike the really big funds.

Why is it that they are championing these industry super funds? We have started to see, courtesy of the royal commission, some of the things that these industry super funds get up to. Cbus, of course, is just one example—that is the one related to the CFMEU. That is the one related to the would-be Premier of Victoria in a fortnight's time, Mr Dan Andrews, who is unable or unwilling to condemn the leaking of names and private details from Cbus to the CFMEU. I wonder why that is! Because it is the CFMEU that is bankrolling the Labor Party's Victorian state election campaign. And that is why there is this urgency—make no mistake about it. That is the urgency of it—that this is undoubtedly, one would assume, a quid pro quo for the ongoing relationship that certain things have to be delivered. So who do you get to deliver it? None other than the backroom man from New South Wales, Senator Dastyari.