Shadow retirement incomes minister Nick Sherry has vowed to amend the Taxation Laws Amendment Bill (Superannuation) No 2 to fully protect the super balances of all Australians. In response to Assistant Treasurer Helen Coonan’s proposal two weeks ago to offer only 90% compensation of the eligible loss to victims of fraud or theft, Senator Sherry said the Opposition hopes to ensure that victims will be compensated 100%.

He said the Minister has “misused her discretion under the Act” to decide the extent to which losses are compensated.