Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

The superannuation legislation is clear around the governance arrangements for superannuation funds, and they are accountable to their members and they must act in the best interest of their members. That is a requirement of the legislation. There are very tight laws and governance arrangements through APRA that are there precisely for that reason.

Members of superannuation funds are not often the most engaged with what's happening with their accounts. We would like to see more engagement of people, of course, with their superannuation arrangements, but the reality is that, certainly for large periods of people's careers, they're not, and therefore the laws and regulations and oversight of that industry are really important. I think the balance between APRA, the superannuation legislation and all of the other accountability mechanisms ensure the best interests of members are paramount.