Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

My question is to the Minister representing the Assistant Treasurer and Minister for Financial Services, Senator Gallagher. Does the minister know of any Treasury portfolio precedent for removing transparency on payments through aggregation as has been delivered for the superannuation industry and trade unions in regulations released last Friday?

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

I would have to take on notice the precedent question that you asked, because I want to make sure that all my answers here are accurate, and I'm sorry, but I don't have all of that dating back to 1901, where your question leads me to. So, I would want to have a look at that.

I would also say that the regulations tabled by the Assistant Treasurer and Minister for Financial Services had I think responded to some of the concerns that had been raised around transparency in this place from the draft regulations to ensure that those questions around transparency could be dealt with. I'm sure the Senate will have more to say on this as it debates these regulations, but I think the Assistant Treasurer responded to some of the concerns and that data will be provided. But, as you know—and I think I've heard it from you guys plenty of times over the years—making sure that reporting is transparent but is also efficient and effective is equally important.

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

Senator Smith, a first supplementary question?

Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

Madam President, this is not my first supplementary, but just to query: does this mean—

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

Senator Smith, what are you doing?

Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

that the information will be provided at the end of question time?

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

Senator Smith, you will recall that I reminded the Senate at the beginning of question time: if you are seeking a point of order, say it. I've invited you to make your first supplementary.

Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

My query is whether or not Senator Gallagher will make—

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

Senator Smith, either ask your first supplementary question or I will have no alternative other than to move on.

Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

Can the minister confirm that payments from super funds to unions could rise from $12.9 million in 2021-22 to $35 million in 2030? Can the minister further confirm that the details of these payments will now be hidden from super fund members?

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

I thank Senator Smith for the supplementary question. I'm not sure where those numbers are coming from, so I would want to check on those before going to the specifics. Look, we know you're opposed to super. We know you can't stand industry funds. We know you don't like unions. You don't like unions, you don't like industry funds, you don't like super. You can't bear it. The regulations will allow transparent reporting of information, streamlining some of the requirements. They will still be required to do a whole range of reporting.

I know you're obsessed with the fact you think that industry super funds make political donations, which is where this is going. They've been asked about that. They say they don't. We've asked the independent regulator, APRA, who have been poring over this issue. They have not found anything. So let's debate it. I'm sure we will have the opportunity to debate this when the regs come before the Senate.

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

Senator Smith, a second supplementary question.

Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

The Assistant Treasurer and Minister for Financial Services justified the recently updated regulations on superannuation annual members' meeting notices by claiming that the previous disclosure rules were too onerous on funds. What is the estimated cost saving the industry may be able to benefit from as a result of these new measures?

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

I will take that part of the question on notice as well and will come back to the chamber, if I can provide further information. I would say that under the draft regulations—which, no doubt, this Senate will debate—funds will still be required to provide written notice to members which detail fund performance, their outcomes for the period, the total payments they make to industrial bodies, marketing and advocacy. If I can provide further information around this—notwithstanding the fact that we acknowledge the opposition are opposed to superannuation, really. If you were able to say it, you would.

Senator Rennick just said it was evil! You just said it was evil. We know what you're on about. You're obsessed with industry funds. You're obsessed with super. You're obsessed with working people actually having a decent retirement.

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

Minister!

Senator Scarr and Senator McGrath, I believe you were directing those comments directly at the minister. I ask them to be withdrawn, without repeating the offence.

James McGrath (Queensland, Liberal National Party, Shadow Assistant Minister to the Leader of the Opposition) Share this | Link to this | Hansard source

I withdraw.

Paul Scarr (Queensland, Liberal Party) Share this | Link to this | Hansard source

I withdraw.