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

I thank Senator Scarr for this very important question. The Australian superannuation system manages over $3 trillion in retirement savings on behalf of 16 million Australians. Australians pay around $30 billion a year in superannuation fees, more than the $27 billion that households spend on energy bills and the $12 billion that they spend on water bills.

Those on this side of the chamber are ensuring that superannuation works harder for all Australians. All of our reforms since coming to government have been putting billions back into the pockets of Australians for their retirement, giving Australians choice, making the superannuation system transparent for the first time, protecting your super, capping fees on low balances, reuniting small and inactive accounts with active ones, putting members' interests first and removing from young people's accounts inappropriate insurances that erode their balances.

Now I'm very proud that we have passed the Your Future, Your Super package—opposed by those opposite—which will create efficiencies, reduce costs and remove duplication in the superannuation system. The package is the Morrison government's next step towards modernising and improving the superannuation system to ensure that it workers harder for all Australians. Treasury estimate that this package will add around $17.9 billion to Australians' superannuation balances over the next decade. It will do so in four ways: when you change job, your superannuation will follow you; a new online super comparison tool, covering performance and fees, will make it easier to find the best super fund for you; there will be clear standards for performance; and the package will clarify that funds have to act in your best financial interest. For too long, some funds have relied on people not knowing what they're up to. With the Morrison government's reforms, they won't be able to get away with the rip-off any longer.