Jenny McAllister (NSW, Australian Labor Party, Shadow Cabinet Secretary) Share this | Hansard source

The opposition will be supporting Senator Patrick's amendment. Let's be really clear about the advice that's just been provided by the minister in response to this suggestion. The minister is confirming that the war on industry super continues. The minister is confirming that the government's endless ideological preference for paying a lot of attention to those funds which the PC and Commissioner Hayne said perform quite well for members will continue, but no attention will be paid to the for-profit funds where the PC and Commissioner Hayne found a lot of problems. That's the problem with this bill. It is a bill that is incredibly partisan in its nature. It's a bill that refuses to engage with the evidence about actual performance in the system. Everybody wants a high-performing system. Everybody thinks that, when a worker is putting money into a superannuation fund, it should be a high-performing fund. It's not what this bill delivers. This bill delivers a lot of scrutiny for the funds that do quite well and no scrutiny at all, for a very long time, for funds that have been shown again and again and again to be ripping off members. It's pathetic.