Andrew Bragg (NSW, Liberal Party) Share this | Hansard source

Thanks for that, Senator Gallacher. I appreciate that. It was good. This is a bill that's designed to improve the system, so I think that's good and I look forward to your support, Labor's support, for it. It's going to clean up the mess that was put in place by Paul Keating 30 years ago when he gave this scheme to the banks and the unions to run in their own interests, not in the interests of workers.

Opposition senators interjecting—

You don't care about the workers. Don't pretend you care about workers; it makes me sick.

This bill is going to improve the operation of the superannuation scheme. Accounts under $6,000 will have to go to the ATO. The ATO will then, through the tax file number matching system, relocate that money to the individual worker. So, ultimately, people will pay fewer fees because there will be fewer multiple accounts, and that is a good thing. But, best of all, in the case of eligible rollover funds, which because of this legislation will become a thing of the past, people won't be paying 1.63 per cent, on average.

Opposition senators interjecting—

It's really shameful that you would defend that.

Opposition senators interjecting—

I'll go through the fees.

Opposition senators interjecting—

I'm going to tell you. I know you're desperate to hear.

Opposition senators interjecting—

I'm going to tell you.