Gerard Rennick (Queensland, Liberal Party) Share this | Hansard source

For this great cost, is super actually doing what it is supposed to do by reducing the number of people on the pension? Hardly. The number of people retiring with a mortgage since superannuation was introduced has increased from 40 per cent to 70 per cent. That's right. When they retire, more people are now enslaved to the banks than they were when superannuation was introduced. It's just a win-win for the finance industry. They're bleeding interest out of workers as they save throughout their lives, and on the other hand they're bleeding fees out of superannuation funds—they're double-clipping the ticket.

And for what? So much for people having a better retirement with super—what better form of retirement is there than owning your own house? That's right: superannuation is actually counterproductive. It's not doing what it's supposed to do. For all of this expense, the number of people on the pension has actually only fallen from 74 per cent to 68 per cent. It's not even saving that much in the pension. Some estimates put it at about $9 billion, which is hardly what you'd call productive, given that it takes about $80 billion in fees and tax concessions. It's counterproductive.

I also point out that the pension, unlike superannuation, is universal. Everyone is entitled to it. That's not the case for superannuation. The unemployed, the disabled and the stay-at-home parents—they don't get superannuation. Shouldn't good government policy lift all boats, regardless of the choice you make and regardless of the circumstances you find yourselves in? Where is the equality? Well, let me tell you. When it comes to superannuation, there is no equality: only repression, rorts and pork-barrelling from left-wing vested interests.

Do you think Labor and the unions will ever stop asking for superannuation increases? Of course not. Why do we know that? Because at the last sitting of the parliament they refused to vote on a motion that would reduce union fees throughout COVID. Never get between the Labor Party and their rivers of gold from the unions! And who runs the industry funds? It's Greg Combet, a union hack and, even more worryingly, the former environment minister that allowed the Bureau of Meteorology to keep two sets of books.

A government senator interjecting—

Yes, I'll take that interjection. Do you want someone that condoned a public service department running two sets of books, running hundreds of billions of dollars in superannuation? Is he going to run two sets of books and then suddenly find their liquid assets can't be sold for the value they've stated in the books? Yes. I can just imagine the smoke and mirrors the superannuation funds would come up with then, telling everyone it's all fine.

Has superannuation ever built anything? Of course not. That would require fund managers to get off their backsides and learn how to build things. They'd have to be engineers or get out in the hot sun and start sweating. That's not what superannuation funds do, is it? But I'll tell you what they do do. They buy infrastructure. Do you know what infrastructure they bought? It was all those assets that have been privatised—things like CBA and CSL, and in my home state of Queensland the Bligh-Beattie government sold our railways, ports, airports, forestry plantations and lotteries to name a few.

A government senator: And we've still got $100 billion in debt.

Exactly: we've still got $100 billion in debt to show for it. Do you know who Anna Bligh's chief of staff was in all of this?

A government senator: Who?

Who was Anna Bligh's chief of staff in all of this? None other than Senator Watt—or should I say Comrade Watt? That's right, ladies and gentleman: Senator Watt was their advisor. Now she just happens to work for the Australian Bankers Association. Don't let your morals or values get in the way of a big fat pay cheque! And who did they sell to? They sold to super funds, many of which were industry funds. And why did they do this? They did it so that the Marxists in the union movement can gain control over our industries and destroy the true means of production in this country: small business. Greg Combet is on record saying that he's going to have influence in the boardrooms. Do we really want these unelected representatives in the boardroom looking after union interests and not shareholder interests? This is a concern, let me tell you.

The Labor Party hates small business, and do you know why? It's because small businesses stand on their own two feet. They distrust all governments, and they, of course, are the lifeblood and breeding ground of the patriot, the sworn enemy of those Marxists who sit on the other side. As I stand here today, let me tell you: I will never stop fighting for the patriots. That is what this side of the chamber is all about—standing up for those who stand up for themselves, those who believe in free choice, those who believe in liberty, those who believe in family, not those opposite who want to believe in command and control, in big governments, in high taxes, in the repression of free will and in the complete and utter destruction of everything that makes this country great. Let me tell you: as a proud Australian, the blood of the patriot runs deep within me. I commend this bill to the Senate.