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) (14:07): I thank Senator Dowling for the question. It's an important question about how Labor continues to strengthen the superannuation and financial systems.

As senators will know, the collapse of the Shield and First Guardian master funds exposed risks and vulnerabilities in parts of our financial system. Around 12,000 people were affected, and around $1 billion in retirement savings was impacted. The Assistant Treasurer spoke at the National Press Club today, where he outlined another range of reforms, including banning unlicensed real-time communications around superannuation, tightening antihawking laws and strengthening penalties, and targeting the data harvesting and broking practices that sit at the front of these business models.

It's also about accountability and compensation. If a trustee puts a product in front of members, that trustee should stand behind it. ASIC will be able to direct trustees to begin remediation where there are credible concerns that they have failed their obligations, and APRA will have the powers to ensure trustees offering higher risk products can meet those responsibilities.

We are also progressing financial advice reforms, including a new class of adviser for super funds and life insurers and support for scaled advice. We're strengthening consumer protections to ensure that there is greater access to advice, but it will not come at the expense of member safety. This is from a party that built the superannuation system and a government that will always work to protect it and to safeguard it for future generations.

It's a significant national asset, but we are all always needing to look at ways to strengthen and protect it in members' and workers' interests. The PRESIDENT: Senator Dowling, first supplementary?