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) (14:48): I don't accept the question and the imputation in the question as outlined by Senator Whitten. Superannuation funds have accumulated significant amounts of capital, and it is appropriate that those funds make decisions in their members' interests about where those investments are.

They're in a range of investments. If you look at any superannuation fund's information that they provide readily to members, you will see that there are typically—in fact, almost always—investments made overseas. We do believe that superannuation investments in the US will continue to grow, and that is a good thing.

It's a good thing for the members, whose funds are being invested, ultimately, for their retirement income. We've seen the success of the superannuation industry—in particular, in the returns that they have been providing each year—which is of huge benefit to the Australian people. The PRESIDENT: Senator Whitten, second supplementary?