Funds SA

Ms CHAPMAN (Bragg—Deputy Leader of the Opposition) (15:03): My question is to the Treasurer. Given the Funds SA balanced fund earned 9.4 per cent last year and its objective for this year is 6.5 per cent, does the Treasurer accept that his statements last week on the earnings of the superannuation funds are plainly wrong? Last week the Treasurer was told on radio that the super funds were earning more than 6 per cent. He responded:

I'd like to see the evidence you can back that up that in 2014-15 and projected 2015-16, super funds are returning 6 per cent on average. That is a very big call for you to be making on the ABC.

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy, Minister for Small Business) (15:03): Yes I do, because what Mr Cook—

Ms Chapman: Do you agree it was plainly wrong?

The Hon. A. KOUTSANTONIS: No, I don't agree it was plainly wrong. I stand by my statements. What Mr Cook was attempting to sign me up to was that we would agree in perpetuity to getting this ridiculous return on our investment every year, and if we did not, the people at risk would be the taxpayer. Funds SA have done very well this year and they plan to do well next year. To guarantee a dividend to government every year across the forward estimates and beyond would require a 5 per cent return minimum for the Motor Accident Commission. That is unacceptable. It is an unacceptable risk to the taxpayer and it is an unacceptable risk to the budget, and I cannot believe that members opposite—I call out to the younger members who are more fiscally conservative, retake your party They are governed by leftist socialists. They are governed by people who don't like mining—

Ms CHAPMAN: Point of order.

The Hon. A. KOUTSANTONIS: —believe in magic puddings—

Ms CHAPMAN: Point of order.

The Hon. A. KOUTSANTONIS: —want to increase taxes. Retake your party. He's looking down with shame.

The SPEAKER: There is a point of order.

Members interjecting:

The SPEAKER: Point of order! Deputy leader.

Ms CHAPMAN: That is plainly debate and insulting at the same time.

The SPEAKER: Yes, I uphold the point of order.

Ms CHAPMAN: Thank you.

The Hon. A. KOUTSANTONIS: Mr Speaker, I stand by my remarks. My job as Treasurer is to protect the taxpayer. I will not allow ever again as Treasurer an unfunded liability to occur within the Motor Accident Commission, and we are out of that business as of 1 July next year, and that is a good thing for the taxpayer. It is a great thing for motorists because they will get more money spent on infrastructure and they will have choices in their insurance, and why the opposition would be opposed to outsourcing to the private sector a government monopoly rather than letting the private competition or the private sector flourish is beyond me. I cannot believe the Liberal Party has gone back to being agrarian socialists, but then again Ian Macfarlane has joined the National Party, so who knows what is next.