Jacqui Lambie (Tasmania, Jacqui Lambie Network) Share this | Hansard source

My question is for the Minister representing the Assistant Treasurer, Minister Gallagher. APRA's review of super fund marketing expenditure found that 12 funds spent $87 million on marketing between 2018 and 2020. Funds have a legal duty to spend members' money in a way that financially benefits the members. The regulator found funds had a lack of evidence that this spending can be justified. But, instead of cleaning up this apparent waste of money, your government is cutting back on transparency over how this spending gets disclosed. Why are you making it easier for funds to spend the retirement savings of everyday Australians on billboards and TV ads promoting themselves when the regulator clearly says this money isn't delivering benefits to members?