Senator SHERRY (3:22 PM) —One of the questions put to Senator Kemp, the Assistant Treasurer, in question time related to section 229 of the Superannuation Industry (Supervision) Act. For those who are not aware of it, this section provides for compensation in the event of suspected theft and fraud and possible legal and financial assistance where this occurs in respect of a superannuation fund. It is a very important provision, because I do not believe any government would want to see people who are heading towards retirement age or are already retired having money stolen without compensation being provided. Under the act, individuals who are hurt in this way can write to the minister and request assistance. It is a very important provision and, I might say, it is a provision that provides for 100 per cent compensation in those eventualities. Contrast that with the attitude of the Liberal government and Senator Kemp, in particular, who have sought to reduce the level of protection from 100 per cent compensation to some 80 per cent compensation. Fortunately, that provision was defeated in the Senate by the Labor Party when it was presented last year.

Commercial Nominees Australia Ltd is a superannuation fund where some hundreds of Australians have clearly lost money as a result of some theft and fraud. The extent of the loss of money is not clear yet, but it is certain that some theft and fraud has occurred and that there are probably losses of over $20 million. Some of the individuals concerned have written to the responsible minister. Under the SI(S) Act, the Treasurer and, as we understand it, the Assistant Treasurer, Senator Kemp, are responsible for the supervision of superannuation matters in Australia and would be required to respond, hopefully granting the assistance. Some months have passed. The requests were made in March and April—I have seen copies of some of those requests—and still no responses have come from the minister's office. It particularly concerned me that, in his response after question time, the Assistant Treasurer, Senator Kemp, notified us that Minister Hockey is responsible for superannuation. But, under his duty statement, Senator Kemp, the Assistant Treasurer, is responsible for superannuation matters. It is he who should be responding.

We have a situation where a number of Australian retirees who have put aside money in the lead-up to their retirement cannot access their money. This is a great worry and concern to individual Australians, particularly when they reach retirement age. It is particularly concerning to me. We have to wonder what Senator Kemp does. If he claims he is not responsible in this area when it is clearly a superannuation matter, what is Senator Kemp doing? He rarely, if ever, can answer a question in his own portfolio areas of responsibility. Here is another issue clearly in his own area of portfolio responsibility, superannuation, and he cannot give us a response. What is even worse is that we have now found out that Mr Hockey, the Minister for Financial Services and Regulation, is supposedly responsible. I might remind the Senate that Minister Hockey was the minister responsible for the day-to-day supervision of Australia's prudential regulatory authorities, and of course we have the issues relating to the HIH collapse. I am very worried that the individuals who have made applications for assistance have to rely on Minister Hockey.

The provision for assistance is vital to maintain certainty, security and peace of mind for elderly Australians. These provisions should be activated quickly. They should not be sitting on Minister Kemp's desk or on Minister Hockey's desk or travelling between the two. This is not helping retired Australians. It is not providing the assistance which is required under the act. Individuals who have been hurt by this collapse should be given appropriate reassurance and appropriate compensation as soon as possible.