Jane Hume (Victoria, Liberal Party, Minister for Superannuation, Financial Services and the Digital Economy) Share this | Hansard source

We in this government have steadily raised the bar on superannuation performance expectations and governance structures since we came to power. Our focus has squarely been on ensuring superannuation delivers for members, for consumers and for everyday Australians. The Your Future, Your Super package will protect members from poor outcomes and encourage funds to lower their costs. The Morrison government want, and they expect, superannuation to deliver more for Australians. The Your Future, Your Super reforms will do just that.

It wasn't until we, on this side of the chamber, came to government that the superannuation system had a light shone on underperformance and inefficiencies. We know this because our changes to the super system to make it more competitive, transparent and efficient have had great effect: 800,000 Australians who were locked into a fund by their employers now have the choice to choose their own fund, $760 million was paid to 700,000 employees through our amnesty measures and $3.7 billion in unintended accounts have been consolidated. (Time expired)