Industry Super Australia is up first at the House Economics Committee. The Liberal chair, Tim Wilson, starts with a string of questions trying to get ISA to make concessions that increasing the 9.5% superannuation guarantee to 12% will cost jobs, but ISA chief executive Bernie Dean just doesn’t concede. Then Wilson drilled down on whether ISA had updated assumptions on its calculator for early release of super - deputy CEO Matthew Linden said it had done so due to updated Asic guidance on 17 April. Linden explains how it calculated early release in super would cost a 30 year old $97,000 in retirement, while Asic’s calculator suggests the cost would be $43,000. Both have similar return assumptions - Asic (7.5%), ISA (7%), but Asic had used a deflator of 4%, compared with ISA’s 3%. Essentially, they disagree about what today’s dollar will be worth in 40 years’ time. Linden defended its calculation, which he said is “more in line with contemporary economic evidence” about the trajectory of real wages and inflation. Labor’s Andrew Leigh lobs a few easier questions, revealing that industry super funds have processed 99% of early release of super requests within 5 days, compared with 93% for retail funds. Linden also revealed that 5% of requests for early release had resulted in the super accounts being emptied (to a zero balance), around 50,000 requests. This number will increase over time, he said. In these extraordinary times, the Guardian’s editorial independence has never been more important. Because no one sets our agenda, or edits our editor, we can keep delivering quality, trustworthy, fact-checked journalism each and every day. Free from commercial or political bias, we can report fearlessly on world events and challenge those in power. Your support protects the Guardian’s independence. We believe every one of us deserves equal access to accurate news and calm explanation. No matter how unpredictable the future feels, we will remain with you, delivering high quality news so we can all make critical decisions about our lives, health and security – based on fact, not fiction. Support the Guardian from as little as $1 – and it only takes a minute. Thank you. Victoria has reported nine new cases of Covid-19 in the last 24 hours. The Fawkner McDonald’s cluster now has eight cases, after two people who live with staff members of that McDonald’s tested positive for the coronavirus. Cedar Meats has three new cases, which takes that cluster to 90. Peter Dutton is really agitated about this: I think Premier Palaszczuk should come out and say that she’s mad a massive mistake and it really shows that at a time when she should be thinking about getting Queenslanders back to work, getting Queensland businesses reopened, she’s off on this crazy frolic of wanting to buy an airline and it shows that Labor just can’t manage the economy. ... I have made my view as a Queenslander very clear and I’m completely at odds with Premier Palaszczuk and the new treasurer. It’s clear we had a bad treasurer before in Jackie Trad. We have now got a crazy person in Mr Dick who wants to spend money he doesn’t have and Queenslanders at the moment, who are doing it tough, should be very worried that their taxes, if they are lucky enough to have a job in the current environment, are going to be squandered on an airline. It just doesn’t make any sense, which, as I say, is why the premier needs to come out, show leadership, admit she’s made a mistake, and pull back from this. Peter Dutton continues attack on Queensland"s Virgin Australia bid, criticises Scott Morrison"s idea. It is not just George Christensen’s comments Peter Dutton hasn’t been paying attention to. He also seems to have ignored Scott Morrison’s comments about how super funds should bail out Virgin Australia: “The industry super funds in this country have got $3 trillion worth of assets – here we’ve got a company that needs capital,” Mr Morrison told ABC’s 7.30 last month. “Its own workers have been paying in to industry funds and there are funds out there in these super funds that could be investing in a number of companies.” Dutton in attempting to slam the Queensland government, says he thinks that is a stupid idea. Annastacia Palaszczuk bought Queensland to the brink of bankruptcy and is now talking about buying an airline. I mean, it is dangerous. If it is a political stunt they should pull out now. If it is a second option, they are serious about wanting to bid for it, then they need to be honest that the money they are going to use, at least in part - apart from further borrowings, will be the superannuation funds of nurses and police in Queensland. Is that a prudent way in which to invest your superannuation money? I don’t think so. Not that government debt is the point, but ahead of the pandemic and its response, Treasury had forecast that federal government debt would hit almost $380 billion by June next year. Peter Dutton then has another go at the Queensland Labor government for its interest in buying a stake in Virgin Australia, and the man who loves a team Australia moment has a problem with the name “Operation Maroon”. Well, I’m from Queensland. So, I will comment on Queensland matters. And this is a very serious issue now. There is one of two things happening here. Labor is either in the midst of an election stunt and they are putting at risk millions of dollars in some phoney bid that they know is not going to be successful, just because they want to be patriotic. They have named it Operation Maroon, just a silly way the spin doctors have come up with a glib line for them to be running in Queensland media. That’s the first alternative. The second one is even more dangerous. That is that they’ve decided as a state government to buy an airline in the midst of a pandemic. One of the biggest and most difficult downturns in the economy in a century, the Labor party in Queensland has no money, they have close to $100 billion of debt. Every dollar they spent is borrowed. They are talking about buying an airline that doesn’t have any revenue at the moment and has billions of dollars worth of debt. Peter Dutton is standing up in the mural hall, and he is asked about China. Dutton was one of the first out of the blocks to criticise China’s response to the pandemic, but he has tempered his words here: The government has done nothing more than stand up for our values. As the government has pointed out, particularly to family members who have lost loved ones during the Covid pandemic [and] want answers and legitimately have questions to ask and they need to be answered in a transparent way. And Australia’s done nothing more than stand up for our values and we will consistently do that. I think that’s very important. The prime minister, I think, has been resolute in standing up for Australians in relation to this matter. And that won’t change. George Christensen was a lot more forthcoming to Alan Jones on Sydney radio 2GB this morning, accusing corporate Australia of selling out: The deal with China is when you say something they don’t like they come and try this bullying and coercive tactic. You either stake your own claim, be an independent sovereign nation, or you just be a lackey. That’s what the Chinese Communist party wants, that seems to be what the Labor party wants, and it seems to be what corporate Australia wants. These people put money before their country. Dutton says he has not heard those comments. China, and Australia’s strained relationship with the CCP and the resulting trade issues, is still very, very much on the agenda today. Penny Wong was asked about it while on ABC radio RN this morning and she said the government leadership needed to take its backbench in hand: I actually don’t have a problem with the messaging. I just think that the foreign minister and the prime minister should be engaging much more publicly and clearly in framing and leading this debate. I think it is regrettable that much of this debate is being framed and led by conservative backbenchers, trying to outdo each other as to who can be more strident on China, and I don’t think that serves the national interest. The Australian national interest is served most by consistently holding to what our interests are, holding to our position. I think that Marise Payne should engage much more clearly and consistently in this national discussion. The bells are ringing for parliament. And my existential angst.