Tony Sheldon (NSW, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Senator Cormann: I refer to the government's proposed changes to superannuation default insurance. From 2003 to 2016 more than 3,400 workers lost their lives on the job. Of those, 335 were under the age of 25. Why does the government want to deny young workers and their families the benefits of cost-effective default insurance?

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

I completely reject the premise of that question. The government doesn't want to do anything of the sort. The government supports choice, though, and the government supports measures which help ensure that, in particular, small superannuation balances aren't inappropriately eroded by fees going into the pockets of insurance providers in relation to insurance that might not be appropriate to their needs. This is obviously a matter that has been discussed for some time in this chamber, and this chamber has, indeed, already passed some important reform in this space designed to protect the retirement savings of working families around Australia. The government stands by the measures that it's put forward.

Tony Sheldon (NSW, Australian Labor Party) Share this | Link to this | Hansard source

The Police Federation of Australia argues that it is extremely difficult to find individual total and permanent disability—TPD—coverage and income protection outside the existing public sector funds due to the dangerous nature of police work. Why does the government want to deny young police officers and their families the benefits of cost-effective default insurance?

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

Again, I don't accept the premise of the question. We support people choosing the insurance they need according to their needs.

Opposition Senators:

Opposition senators interjecting—

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

I know, of course, that those opposite are standing up for particular vested interests. We've got a history with all of this.

Opposition senators interjecting—

Scott Ryan (President) Share this | Link to this | Hansard source

Order! Senator Cormann, I have Senator Wong on her feet on a point of order.

Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

The question goes to young police officers. Is the minister suggesting they are a vested interest?

Scott Ryan (President) Share this | Link to this | Hansard source

With all due respect, Senator Wong, that's not a point of order. There was a great deal of noise, and I could barely hear the minister, who does have a very strong voice. Can I ask senators to be silent.

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

We stand on the side young police officers, young nurses, young workers in the retail sector, and indeed, young Australians all around Australia, and we don't want their small superannuation balances eroded by excessive fees in relation to services they often don't even know have been contracted on their behalf. So that is entirely appropriate and that is a very transparent position that the government's adopted for some time.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Sheldon, a final supplementary question.

Tony Sheldon (NSW, Australian Labor Party) Share this | Link to this | Hansard source

In March 2012, a 22-year-old fourth-year carpentry apprentice suffered a prolapsed vertebrae and a severe neck strain while on a site in New South Wales. Why does the government want to deny young apprentices the benefits of cost-effective default insurance?

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

We don't want to deny anyone the access to insurance that they—

Opposition Senators:

Opposition senators interjecting—

Scott Ryan (President) Share this | Link to this | Hansard source

Order on my left.

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

We don't want to deny anyone access to insurance, but we actually respect individual Australians to make their own choices.

Opposition senators interjecting—

Scott Ryan (President) Share this | Link to this | Hansard source

Order! Senators Keneally, Wong, McAllister.

Senator Wong interjecting—

I'll assume that was an observation.