Barnaby Joyce against Treasurers power to block superannuation investments – The Sydney Morning Herald

But you dont have a duty of moralising where you think they should and shouldnt invest. If theyve found an investment and its legal then that should be where it finishes.

He said if an investment was legal, prudent and makes money then its a good investment. But he declined to say how he and other Nationals MPs would vote on the legislation, noting hed been looking through the bill and how to decipher it.

We are looking for better comfort brought forward by the minister as to why this [power] cannot be exploited. Were very aware of the fact that when the time comes were not in government and someone else is we can hardly argue against something the other side does when you brought in the laws for them to do it, he said.

But if you start saying well I dont like coal, I dont like gas [and] fracking, I dont like the live cattle trade and all this as inevitably would [happen] because the Greens would put pressure on Labor ... then were in trouble, he said.

The legislation also faces a battle over its stapling measures, which attaches workers to their super accounts when they change jobs unless they choose to switch, as some MPs are concerned employees might be stuck to an underperforming fund. The legislation was introduced in last years budget in a bid to improve fund performance and reduce the number of unnecessary multiple funds eroding balances through excess fees.

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Superannuation Minister Jane Hume has previously said the additional powers provided to the Treasurer would be used when there are grey areas that leave the regulator unable to intervene. Labor superannuation spokesman Stephen Jones, who is supported by the super industry, has criticised the powers as an overreach and previously wrote to Colition MPs warning them of its potential use by future governments.

Mr Jones letter warned Mr Joyce the extra powers would unite miners and greenies in their concerns.

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Barnaby Joyce against Treasurers power to block superannuation investments - The Sydney Morning Herald