David Bradbury (Lindsay, Australian Labor Party) Share this | Hansard source

Is anyone really surprised that those on the other side would come forward and oppose this motion on superannuation by the member for Wakefield, oppose a motion that supports investment in the retirement savings of Australians? It is little wonder, because those on the other side have always opposed superannuation. They opposed superannuation when it was first introduced, because their view of the world is that the superannuation industry should have stayed the way it was 100 years ago when it was largely the preserve of the very wealthy—white collar—those that were associated with the financial sector and those in the Public Service.

We on this side believe that one of the great moves towards a more egalitarian and fairer Australia was the shift that occurred with compulsory superannuation. It was a shift that was first championed by the trade union movement in the eighties and a shift that was reinforced by the first compulsory system introduced by the Keating government. The opposition opposed superannuation back then for all of the reasons that they now oppose an increase in the superannuation guarantee. ‘It will put too much pressure on business,’ they say. ‘It will put businesses out of business.’ These are all the same arguments that we heard once before, but had we allowed those on the other side to carry the day this country and the people of this country would be much worse off than they are.

Superannuation has grown to become a $1.1 trillion industry. It is one of the key reasons we weathered the financial storm of the global financial crisis. The member for Bowman comes forward and mocks the cash payments. He would have to be the only person—

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