Mathias Cormann (WA, Liberal Party, Shadow Assistant Treasurer) Share this | Link to this | Hansard source

asked the Minister representing the Minister for Financial Services and Superannuation, upon notice, on 15 April 2011:

(1)   How many applications have been received by the Minister for grants of financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993, in each of the following financial years:

  (a)   2007-08;

  (b)   2008-09;

  (c)   2009-10; and

  (d)   2010-11 (to date).

(2)   In each of these years, how many applications were approved and how many were rejected.

(3)   For each case in which a grant of financial assistance was made, can the following details be provided:

  (a)   the actual amount of the eligible loss claimed;

  (b)   the actual amount of the financial assistance granted and paid;

  (c)   the name of each entity or person to whom the financial assistance was paid; and

  (d)   the name of each entity or person whose actions were responsible for the accrual of the eligible loss.

Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Link to this | Hansard source

The Minister for Financial Services and Superannuation has provided the following answer to the honourable senator's question:

Questions (1) and (2).

*Original application did not provide sufficient information and was not pursued further by the applicant.

Question (3).

One grant of financial assistance has been made in 2010-11. The details requested are provided below.

  (a) The actual amount of the eligible loss claimed was $54,994,079.

  (b) The Minister for Financial Services and Superannuation made a determination on 13 April 2011 under Part 23 of the Superannuation Industry (Supervision) Act 1993 to grant an amount of financial assistance of $54,994,079.

  (c) The financial assistance was granted to ACT Super Management Pty Limited (as acting trustee of the Astarra Superannuation Plan, the Astarra Personal Pension Plan, the My Retirement Plan and the Employers Federation of NSW Superannuation Plan).

  (d) Investigations by the regulators into Trio Capital Limited and the events leading up to the losses incurred by the superannuation funds are continuing.