Andrew Bragg (NSW, Liberal Party, Shadow Assistant Minister for Home Ownership) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Senator Gallagher. Minister, super funds like Cbus and AustralianSuper are facing significant regulatory fines. Does the Albanese government support these super funds passing on these costs to their members in the form of additional charges?

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

I thank Senator Bragg for the question. The government is a strong supporter of the regulators and the regulatory system that has been put in place to make sure that, where there are issues of concern or where there are issues that the regulators identify as issues of concern, they take action. That's what we are seeing happen with some of the cases that Senator Bragg has been following and that I think he alludes to in his question. The government supports the regulatory system that has been put in place. We support having strong, independent regulators like ASIC and APRA and also support them being able to do their job without political interference. That would be the government's position.

We have a strong superannuation system. It's done a great job in terms of ensuring that members are accumulating funds for their retirement. We want to make sure those funds always act in their members' interests, and I think the superannuation industry scheme legislation is pretty specific about that. That's why we have APRA and ASIC doing the work that they need to do. Making sure that the superannuation system works in the interests of members, that there's transparency around that and, where there are problems, that those problems are investigated and responded to by the regulators is the system that the government supports.

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

Senator Bragg, first supplementary?

Andrew Bragg (NSW, Liberal Party, Shadow Assistant Minister for Home Ownership) Share this | Link to this | Hansard source

Minister, how it is reasonable for these super funds to pay unions but the same shareholder unions can avoid paying fines?

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

Minister Gallagher?

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

I didn't hear the first bit of the question, just the second bit, so—

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

I invite Senator Bragg to restate the question.

Andrew Bragg (NSW, Liberal Party, Shadow Assistant Minister for Home Ownership) Share this | Link to this | Hansard source

It's not very complicated. The question is—

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

Senator Bragg, there's no need for commentary. Just repeat the question.

Andrew Bragg (NSW, Liberal Party, Shadow Assistant Minister for Home Ownership) Share this | Link to this | Hansard source

It wasn't commentary. I wasn't trying to editorialise. All I was asking was: how is it reasonable for these super funds to pay the union movement but for the same shareholder unions that own the funds not to pay regulatory fines?

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

I think I answered this in my answer to the original question. There are regulators that enforce the legislation that governs the superannuation industry. The rules and laws need to be abided by. The regulators need to respond and, where they find misconduct or inappropriate conduct, they have a range of penalties available to them. This parliament has set the regulatory arrangements for the superannuation industry. We are always looking at ways to strengthen superannuation in this country. Those opposite are always looking to destroy it. Senator Bragg himself never misses an opportunity to talk down superannuation. They won't be happy until every person in Australia has had access to their super funds before retirement to raise the level of housing prices in this country.

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

Senator Bragg, second supplementary?

Andrew Bragg (NSW, Liberal Party, Shadow Assistant Minister for Home Ownership) Share this | Link to this | Hansard source

Does the Albanese government, therefore, have any plan to step in to protect members of the super funds, or does the government endorse super funds paying unions but not their insurance claims?

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

Again, I answered this question in the original answer. The government supports a strongly regulated superannuation system for all superannuation entities. There are rules in place, rules that have been determined by this chamber. Those rules need to be enforced, and if there are any concerns or if there are any findings that are inappropriate then the penalties should be imposed. Labor will always support the superannuation system. We invest in it, we value it, and we think it's good for working people. You will always seek to undermine it.

Hon. Senators:

Honourable senators interjecting—

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

Order! I invite those senators who have so much to say via their interjections to make their comments at some other time, not at question time.