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

There's AMP Eligible Rollover Fund, 1.4 per cent; Australian Eligible Rollover Fund, 1.7 per cent; Australia's Unclaimed Super Fund, 50 basis points; SMF Eligible Rollover Fund, 2.48 per cent—wow! There's Super Safeguard, 2.84 per cent, and SuperTrace eligible rollover fund, 2.47 per cent. That's an average of 1.63 per cent. Those are shamefully high fees. It doesn't matter whether they're union funds, bank funds, industry funds or retail funds. We're not here to run people's agendas. We're here for the Australian people. So it is regrettable that, again, the interjections from the Labor Party show they're not interested in fixing this system. They only have sectional interests, which is very disappointing and unbecoming.

At the end of the day, it shouldn't matter to anyone what type of fund it is. These fees are ridiculous, and they'll be a thing of the past thanks to this legislation, which I look forward to seeing Labor support. Ultimately, this is another step in the journey to getting this system to a place where it does work. I accept that there are a range of views about superannuation, and I hear the interjections that come from Labor all the time. There are a range of views about this. There are some people in this place who would like to abolish super, and there are some people who would like to see a 20 per cent super guarantee. I am on the record as saying I think the idea is good but it should be recalibrated so it works harder for the workers.

I don't think we should be sitting in here running a protection racket for the banks and unions who've charged super-high fees for 30 years and have delivered nothing. The system costs more than it saves, it gets no-one off the pension and you defend it for reasons that are known only to you. But I think this is a good idea, to try to make the system work as well as it can. There's a lot more we should do. I commend Senator Hume and her excellent work and advocacy to the chamber and this bill.