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

Super funds have an important job, and that is to grow Australians' retirement savings. All too often, when a fund has underperformed, members either don't find out about it or don't know that the fund is underperforming. These funds have been able to hide behind the skirts of the well-performing funds. In fact, around $100 billion of Australians' money is in underperforming superannuation products and around three million superannuation accounts are in underperforming superannuation products. The Productivity Commission estimates that, once the Your Future, Your Super measures kick in, approximately 25 of the current 80 or so MySuper products will fail the performance test. The Labor Party may have introduced superannuation to Australia, but, by goodness, it's taken a coalition government to make it work in the interests of members, rather than super fund managers.