David Pocock (ACT, Independent) Share this | Hansard source

Clearly, we are hearing from all sides of this chamber that people want more transparency. Australians have voted for more transparency. And when it comes to superannuation we should be pushing for more transparency, not less. According to APRA, we pay some $9.1 billion per annum in fees, but the Grattan Institute points out that many super funds don't report the fees that they pay to companies who help manage their members' money. When you add that, it's more like $30 billion, which is an eye-watering amount of money. These are big, big numbers. Superannuation consumers have come out saying they want more transparency. They don't like these changes to the regulations. To make it clear: the old regulations apply to both industry and retail funds.

Despite Minister Jones's claims of high administrative burdens, Prime Super and Commonwealth Superannuation Corporation both disclosed under the old regulations. It didn't seem to be a problem for them. I'd like to address Senator McKim's point earlier, casting aspersions on my disallowance motion. I'm not carrying anybody's spear here. This is something I've heard a lot about from people in the ACT. They want to know where their money is going in superannuation. If we put aside the partisan nature of this debate, we should be for transparency. Regardless of where it is, we should be supporting it. That's why I have a problem with rolling back transparency in superannuation.

I haven't been in here for long, just a few months. One of the things I've noticed is that not everyone votes consistently for good policies. Often they are votes for politics, which you can understand. I'd point to a time a few weeks ago when I and the rest of the crossbench supported one of Senator Roberts's motions on the Climate Change Bill but all three parties voted against it, because to support PHON, Pauline Hanson's One Nation, was not politically convenient.

I will certainly continue to push for more transparency in super. It's something that the people I represent want and it is certainly something that I want to see.

Question agreed to.