00:00I'd like to ask a question about, I was a little surprised by this, the superannuation
00:06anomaly that you reported, given that you are a financial agency, this is around managing
00:13the overpayment of superannuation for six consecutive years without noticing, and I
00:18understand, Mr Knights, that you're new, but I'm wanting somebody to explain to me how,
00:26given the finances that you deal with every day, that could have been overlooked for six years.
00:35Senator, I'll say a few things on this. One is IBA has, as soon as it came to our attention,
00:44has actioned that issue straight away. The reason for that anomaly was that there's a disparity
00:52for superannuation between those in non-government schemes and the government scheme, and we
00:59have worked to rectify that in an ongoing sense. And secondly, we are working through the assessment
01:06of recompensement of those funds.
01:10So your report states that you are still evaluating whether it is economically sensible to recover
01:15the funds. Why is there hesitation in reclaiming taxpayer money when we're talking about people
01:22who are in senior executive roles?
01:27That's due to a couple of factors. One is the complexity of retrieving funds out of superannuation
01:34schemes for the materiality that is involved. So we're working through to assess that.
01:40With your question with respect to taxpayer funds, the question then is do we spend more
01:47of taxpayers' funds to recoup the amount in question and then an appropriate commercially
01:59balanced decision will be put forward to – for consideration.
02:02COMMISSIONER SACKVILLETT So is that the board's decision?
02:04Is it the board's decision?
02:04COMMISSIONER SACKVILLETT Yes.
02:05COMMISSIONER SACKVILLETT Yes.
02:05COMMISSIONER SACKVILLETT Yes.
02:06COMMISSIONER SACKVILLETT Yes.
02:07COMMISSIONER SACKVILLETT Yes.
02:08COMMISSIONER SACKVILLETT Yes.
02:09COMMISSIONER SACKVILLETT Is it the board's decision about what you do, whether you recoup
02:12those funds or not? Whose decision is it?
02:14COMMISSIONER SACKVILLETT It is currently the board's decision, Senator.
02:23COMMISSIONER SACKVILLETT Okay. Thank you. That's all from the
02:31Now, let's wait for you to practice.
02:34All right.
02:35Yeah.
02:39All right.
02:45Take care, everybody.
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