Andrew Bragg (NSW, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Farrell. I refer the minister to the very sensible question asked by Senator Lambie on Tuesday this week. Are there any circumstances in which it would be in the best financial interests of a superannuation account holder for their superannuation fund to make payments to a political party or to a trade union? If so, in what circumstances?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

FARRELL (—) (): Thank you, Senator Bragg, for that question. I had the great privilege, in a previous life, of being a director of one of the best superannuation funds in the country, the Rest superannuation fund.

I'm about to answer this, Senator Ruston.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Farrell—

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Don't take the bait? Alright.

Honourable senators interjecting —

That'll be handy. Despite what Senator Ruston said, I will preface my comments, because I had 15 years experience on one of the best and the biggest superannuation funds in this country. And on not one occasion was a political donation made to either the Liberal Party, the Labor Party or any other party. So this idea that, particularly, industry super funds are out there handing out moneys to political parties, particularly the Labor Party, is simply untrue. We used to talk about fake news. You don't hear it so often since President Trump has gone. Senator Bragg, this is fake news.

The job of industry superannuation funds is to get the best return for their members. In my experience, every one of those funds has been doing exactly what they were asked to do by their members, and that is get the best result possible. (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Senator Bragg, first supplementary?

Andrew Bragg (NSW, Liberal Party) Share this | Link to this | Hansard source

Can the minister guarantee that Australian super funds will not be making any payments to political parties or to trade unions or any other politically affiliated organisation without publicly disclosing the details of such payments to their members?

Honou rable senators interjecting—

Sue Lines (President) Share this | Link to this | Hansard source

Conversations across the chamber are disorderly, thank you, Senator Chisholm, and the minister was on his feet to answer the question.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I can only go back to the first answer I gave you, Senator Bragg. The whole history of the opposition has been one of opposition to industry superannuation. So any chance that you get to bring down or—

Catryna Bilyk (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

Denigrate.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Denigrate, yes; that's the word I need, thank you, Senator Bilyk. Any chance the opposition gets to denigrate industry superannuation funds, they will use. The reality is—I mean, I can only give you my own experience of this. I haven't seen any evidence of what you're implying goes on in these industry superannuation funds, but I know from my own personal experience in this area that this is not what union funds do. This is not what industry funds do. Their whole priority— (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Senator Bragg, second supplementary?

Andrew Bragg (NSW, Liberal Party) Share this | Link to this | Hansard source

I thought they were super funds, not union funds. Why is the government ignoring the views of Super Consumers Australia and the Grattan Institute and many others to unwind the provisions requiring the detailed disclosure of payments to political parties, unions and other organisations? Isn't it just because the Labor Party wants to see these funds flow back into the Labor Party?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

No, Senator Bragg. What the Labor Party wants to see is the best retirement possible for Australian workers from their industry superannuation fund, the best that that fund can deliver for them. That's what the Labor Party wants, and I think that's actually what the members of industry superannuation funds want. They want the people who represent them on the boards of those organisations to do their level best to get the absolute best returns. That's what the board members of those funds should be working on. Just remember that there's an obligation on every single member of a superannuation board to deliver the best results for their members, and that's what I believe every single industry fund in this country is doing. (Time expired)