QUESTIONS WITHOUT NOTICE

Senator GALLAGHER (Australian Capital Territory—Minister for Finance, Minister for the Public Service, Minister for Women, Minister for Government Services and Manager of Government Business in the Senate) (14:47): I thank Senator Whitten for the question. Superannuation funds are regulated by the superannuation industry act and other pieces of legislation. That is the position the parliament has taken around the roles and responsibilities of superannuation funds.

They are governed by those laws. They have responsibilities as outlined under those pieces of legislation. They have responsibilities to their members and to ensure the members' interests are put first and foremost.

As to individual decisions that are made by the funds about where they invest, those are made by the board of directors, usually, of each individual superannuation fund. The PRESIDENT: Senator Whitten, first supplementary?