Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Hansard source

In this year’s budget the coalition government announced the biggest reform of Australian superannuation policy in Australia’s history. That plan is to take effect on 1 July next year. It will sweep away the raft of taxes on benefits at the end of a person’s superannuation plan when they come up to retirement. Even former ACTU member and industry fund advocate Garry Weaven wrote recently in Investor Weekly:

The government’s recent budget initiatives have proved the Liberal Party is now the official party for superannuation.

Let me say that this plan will make a 25-year-old earning $1,000 a week and receiving super guarantee $136 a week better off in retirement. A 45-year-old earning $1,500 a week and receiving the nine per cent super guarantee will be $92 a week better off as a consequence of this plan. The budget was brought down in May this year and the ALP is yet to announce a position in relation to this reform. We are waiting for the Labor Party to actually say whether or not it will support—

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