Senator SHORT (Assistant Treasurer)(3.36 p.m.) —Senator Ray has obviously been brought in as the big hit to try to cover up for all the failures he saw from his predecessors both in question time and in the remarks here today. First of all, let me say that I welcome very much Senator Sherry's acknowledgment. For the first time, I think I am right in saying, the Labor Party is going to support the basic thrust of the coalition's policies in relation to the surcharge.

Senator Sherry —It is a tax.

Senator SHORT —That is what I have just said. I think Senator Sherry and Senator Conroy are all competitors with Senator Faulkner in the decibel stakes nowadays in this place. It is almost impossible to hear them because they think volume makes up for the appalling lack of quality and substance in whatever they put. But I do welcome Senator Sherry's acknowledgment, on behalf of the opposition, for the thrust and the basic policy decision—and it is the basic decision—in the budget in relation to superannuation. What is absolutely amazing is that the opposition spent the whole of today trying to launch an attack on a policy which they now have the graciousness to tell us that they support.

The other thing that is hypocritical beyond belief is that Labor senators opposite got up and accused this government of complexity in the administration scheme of superannuation and the complexity of the superannuation system, when it was 13 years of Labor government that produced the almost unfathomable superannuation system that we have today. We are absolutely committed to restoring some sanity into the superannuation system, to restoring some fairness into the superannuation system and to restoring simplicity in the administration.

So far as Labor is concerned, Senator Conroy's contribution was very interesting. It was really Labor politics of hate. He had a go at the banks, as if the banks were going to be the only beneficiaries out of the establishment of RSAs. He knows that is not true. RSAs are going to be provided by banks, LIFA offices, credit unions and building societies. They are also going to be provided in like form by superannuation funds. They cannot be identical because superannuation funds operate under a trust structure. It is an absolute monstrous lie and a monstrous distortion of the truth to suggest that RSAs are going to be simply provided by the banks. He knows that absolutely.

What we have done in this budget in relation to superannuation—and, indeed, to many other things—is to introduce an element of fairness into the system which Labor, in 13 years, had not the courage nor the willingness to do. This attempted attack on administration—and it has fallen sickeningly short of any sort of attack—is all about the fact that you are worried about your mates in the union movement that you propped up and protected for 13 years. You gave them a special privileged position which will no longer continue. There is also a considerable amount of detail contained in the budget papers in relation to the proposals.

We are also consulting widely. We have an actuarial committee set up to advise on many of these matters. Of course, the legislation has still to be drafted and introduced after we have had the consultation. The difference between us and the opposition is that we believe in consultation. We believe in having legislation which is framed in the best possible way after the best consultation you can get. Labor is absolutely opposed to consultation, and that is why they are so concerned about the situation at the moment. There is much detail already there. The remaining detail, of course, will be contained in the legislation when it is introduced over the coming weeks and months. (Time expired)

Question resolved in the affirmative.