Australian Greens' dissenting report

1.1The final report of the Coalition-led Senate inquiry into Australia’s retirement system could have been an opportunity to provide genuine recommendations to improve Australia’s retirement system.

1.2Instead, the Coalition have used the report to accuse witnesses of not participating in good faith with the committee, in a politically motivated attempt to undermine industry superannuation funds, driven in significant part by their fear of workers having access to and influence over capital.

1.3The Greens support greater accountability for witnesses providing information and evidence to the Senate to facilitate the Senate’s role in scrutinising legislation, policy reform and holding the executive government to account. However, we do not support the Coalition using an argument for greater witness accountability as a guise to continue their longstanding campaign against industry superannuation funds.

1.4Members of the committee had ample opportunity to question witnesses and examine the evidence presented throughout the inquiry. The inquiry was referred on 27 November 2023 with an initial reporting date of 30 June 2024, which was later extended until 30 June 2025 providing members with an additional 12 months to collect and examine evidence. The inquiry held 6hearings and received 50 submissions.

1.5It is the Greens’ view that witnesses to the inquiry participated in good faith with the committee, providing comprehensive submissions, making themselves available for hearings and providing further evidence through answers to questions submitted on notice.

1.6Despite the significant evidence provided to the committee, Coalition Senators have failed to make any recommendations that would meaningfully support Australians in their retirement.

1.7Over time Australia’s superannuation system has become less about providing a dignified retirement for working people, and more of a vehicle for wealth accumulation and estate planning.

1.8Current superannuation tax settings massively benefit the wealthiest Australians while failing to support those who are most vulnerable. The tax-haven qualities that have attracted wealthy investors to superannuation result in the public losing increasing amounts of crucial funding for aged care, secure housing and lifting people on the aged pension and income support out of a grinding, demoralising poverty.

1.9The Greens will continue to push for reforms that make the superannuation system more equitable and ensure all Australians can access a dignified retirement.

1.10The Greens do not support the Coalition’s latest attempt to undermine industry superannuation funds.

Senator Nick McKim

Greens Senator for Tasmania