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Tuesday, 28 February 2006
Page: 75

Senator MINCHIN (Minister for Finance and Administration) (5:38 PM) —I simply made the point that the CSS-PSS board is a superannuation fund and it has a responsibility for the funds invested by individuals as well as, of course, an overall responsibility. Therefore, it needs to be licensed, and therefore APRA needs to be satisfied with the process of appointments. APRA is about checking the methodologies, the processes and policies, of appointments.

In the case of the Future Fund, it is not, as I said before, a superannuation fund in the same way that the CSS-PSS board is; it is an investment fund. We have charged it with the responsibility to invest wisely and sensibly moneys under its care. The government have separately made the decision that the funds held in that investment fund will be applied by the government as a matter of budgetary outlays to meeting our annual expenses with regard to public sector superannuation. So the two are different in that sense, albeit that, as I was saying, we will apply the same rigour to the appointment process. But I am not saying—and it will not be the case—that APRA will have that degree of involvement in the Future Fund board.