QUESTIONS WITHOUT NOTICE

Senator WONG (South Australia—Minister for Foreign Affairs and Leader of the Government in the Senate) (14:54): Senator, I'd make a couple of points. The first is that I again remind you that the Murray inquiry said: Direct borrowing by superannuation funds … is … inconsistent with the objectives of superannuation to be a savings vehicle for retirement income.

The Murray inquiry also went on to say: … a … prohibition … would preserve the strengths and benefits the superannuation system has delivered to individuals, the financial system and the economy, and limit the risks to taxpayers. I would also refer to the report from the Council of Financial Regulators in 2022, which says that limited recourse borrowing represents 'a significant risk to some individuals' retirement savings, particularly where they have low-balance SMSFs'.