Superannuation (State Public Sector) (Scheme Administration) Amendment Bill 2021

As Treasurer, moved the bill to facilitate the QSuper-Sunsuper merger, emphasising benefits for members including lower fees and higher returns, protection of defined benefit entitlements, and retention of 2,000 Queensland jobs.

“The merged entity will be a financial powerhouse for Queensland. It will manage over $200 billion in funds for its two million members, making it Australia's second largest superannuation fund.”— 2021-10-26View Hansard

As Deputy Leader of the Opposition, confirmed LNP support for the merger, noting the landmark moment for Queensland's financial services industry and potential for Brisbane to become a financial services challenger.

“At the outset, let me confirm that the opposition will be supporting the bill today.”— 2021-10-26View Hansard

As committee chair, spoke strongly in support, emphasising Queensland's fully funded defined benefit scheme and the importance of keeping the merged fund based in Queensland.

“We in Queensland—and in Brisbane particularly—have suffered so much from the domination of southern capitals in the banking and finance sector. We want this legislation to be a springboard to continuing to grow.”— 2021-10-26View Hansard

Supports the bill but expressed concerns about board composition with six union officials, questioned the State Actuary's assessment of the defined benefit scheme, and sought clarification on life insurance arrangements for members of both funds.

“The bill is well worth supporting to see this new arrangement put in place and I, along with my colleagues, will be supporting the passage of this bill.”— 2021-10-26View Hansard

As committee member and QSuper defined benefit member, supported the merger noting APRA encourages fund consolidation and larger funds better weather market shocks while delivering better performance with lower fees.

“This means Queensland will be home to Australia's second largest superannuation fund and the over 2,000 jobs that it encompasses will be Queensland jobs.”— 2021-10-26View Hansard

As committee member, supported the merger noting it makes sense because it will reduce fees for members and create a fund that could rival AustralianSuper as the biggest in the country.

“In simple terms, the merger of QSuper and Sunsuper, two large Queensland based superannuation funds, makes sense because it will reduce fees for members.”— 2021-10-26View Hansard

Praised the Labor legacy of compulsory superannuation and supported the merger as beneficial for Queensland workers and the state's economy.

“The federally legislated superannuation guarantee introduced by the Keating Labor government in 1992 was a godsend. It meant that millions of Australians who otherwise would have been forced to rely on the age pension have, and will continue to have, an opportunity to retire with a much better standard of living.”— 2021-10-26View Hansard

Supports the bill but criticised the government for raiding the defined benefit fund and expressed concerns about union influence on boards, urging appointees to always act in members' best interests.

“We will not be opposing this bill. However, I would ask that the 13 board members who sit on the combined entity always act in the interests of their members at all times.”— 2021-10-26View Hansard

Supported the merger, praising profit-for-members funds that return profits to members rather than shareholders, and contrasted Queensland's fully funded defined benefit scheme with NSW's $68 billion deficit.

“The merged fund will be a super-duper super fund, if you will. The merged fund will continue to be the Queensland government's default fund.”— 2021-10-26View Hansard

Supports the bill as superannuation is integral to the employment compact, but cautioned against being dazzled by promises of economies of scale and warned that the best thing for superannuation is a strong economy with low interest rates.

“When it comes to looking after the long-term interests of Queensland employees, when it comes to looking after, preserving and ring fencing the funds that have been put aside and saved for people to enjoy in their retirement, as they are entitled to do, there is no greater obligation.”— 2021-10-26View Hansard

Supported the merger, emphasising the benefits of the headquarters remaining in Brisbane and the 2,000 Queensland jobs it will anchor.

“How good is superannuation? I think at the moment it has a quoted value of around $3.3 trillion. It makes a great contribution to our quality of life and the quality of our investments.”— 2021-10-26View Hansard

Supported the merger as beneficial for Queensland workers, particularly public sector workers in his electorate, noting the protections for defined benefit entitlements.

“The safeguards in this bill mean that the defined benefit entitlements of these public sector workers cannot be reduced and that a statutory framework for workers' contribution levels will be retained.”— 2021-10-26View Hansard

Supports the merger while highlighting the superannuation gender gap, noting women retire with 42% less super than men and calling for the merged fund to address this disparity through education and strategic initiatives.

“While we acknowledge that the merger of QSuper and Sunsuper will create Australia's second largest superannuation fund and we welcome its headquarters being located Brisbane—we see this as a statewide advantage—it is also another opportunity for young professionals to build their careers in Brisbane.”— 2021-10-26View Hansard

Strongly supported the bill, defending Labor's record on economic management and superannuation, crediting the union movement for establishing Australia's superannuation system.

“I am proud to be part of a party that is responsible for establishing the modern superannuation system. That means that average, working-class people can have security in their retirement.”— 2021-10-26View Hansard

Raised concerns about Sunsuper's TPD Assist insurance product which pays benefits in instalments rather than lump sums, arguing it unfairly impacts vulnerable people and should be scrapped in favour of industry standard insurance.

“It is crucial that no worker is left worse off as a result of this merger... Without this, as Maurice Blackburn sets out in its submission, we risk a fund which has the Queensland government as a trustee and provides outcomes for injured workers which are well below both industry standard and community expectations.”— 2021-10-26View Hansard

Supported the merger, highlighting benefits for women's superannuation security and noting the commitment to employment security for existing staff for at least two years.

“This merger will lead to better superannuation outcomes for members with larger returns and lower fees due to reduced administration costs and improved investment performance.”— 2021-10-26View Hansard

As a former superannuation fund board member, strongly supported the merger citing APRA's push for consolidation and the Productivity Commission's evidence of economies of scale benefits.

“The proposed merger is timely, but it is also very much a merger of equals... The commission found that reported fees in Australia are higher than in many other OECD countries.”— 2021-10-26View Hansard

Does not oppose the bill but expressed concerns about union representation on the board and emphasised that outcomes from mergers are not automatic, requiring experienced board members focused on members' interests.

“I do not oppose the bill.”— 2021-10-26View Hansard

As a former union official and former chair of Sunsuper, strongly supported the merger, recounting the history of superannuation advocacy and praising QSuper as the only fully funded public sector defined benefit fund in Australia.

“We will have in this state a $200 billion super fund as part of a $3.3 trillion superannuation industry. We will find that this will grow quickly.”— 2021-10-26View Hansard

Enthusiastically supported the merger using wedding metaphor, praising the commitment to Queensland jobs and the due diligence process.

“By the power vested in me by the parliament of Queensland, I hope to, after the third reading, pronounce MySuper as a merged fund in Queensland. You may now kiss your bride.”— 2021-10-26View Hansard

Expressed significant concerns about union over-representation on the board (6 employee vs 4 employer representatives), loss of parliamentary oversight of appointments, and criticised Andrew Fraser's role on the board.

“That concerns me greatly. It concerns me greatly that we have gone from a situation where we have equal representation of employer and employee organisations to a situation now where we have an over-representation of unions.”— 2021-10-26View Hansard

As a QSuper defined benefit member and Queensland Teachers' Union member of 28 years, supported the merger citing the benefits of economies of scale and Labor's legacy in establishing compulsory superannuation.

“Companies seek mergers for a variety of reasons, as we know: to gain access to a larger market and customer base, to reduce competition and to achieve economies of scale.”— 2021-10-26View Hansard

Supported the merger, praising Queensland's fully funded defined benefit scheme and criticising the LNP's federal record of attacks on superannuation including Senator Rennick calling superannuation 'a cancer'.

“This bill and the merger it supports will be beneficial to working people right across Queensland. It is good for Queensland jobs and industry, and it is good for our economic recovery after COVID-19.”— 2021-10-26View Hansard

Strongly supported the merger, defended Labor's record on superannuation, and criticised the federal government for allowing $42 billion in superannuation withdrawals during COVID while giving $40 billion in JobKeeper to profitable companies.

“What got us through COVID was $82 billion of workers' taxes and superannuation. That is what got the Australian economy through COVID.”— 2021-10-26View Hansard