Bill Shorten (Maribyrnong, Australian Labor Party, Minister for Financial Services and Superannuation) Share this | Hansard source

I thank the member for Wills for his question. He knows that over 40,000 of his voters will see an increase in superannuation when the increase from nine per cent to 12 per cent passes the Senate. He also knows that Australia cannot rely on the mining boom forever, that the mining boom is only part of Australia's economy and that there are a lot of businesses doing it hard. We know that we need to spread the benefits of the mining boom throughout the whole of Australia. We understand that one way to spread the benefits of the mining boom is to decrease the corporate tax rate from 30 per cent to 29 per cent. We know that 720,000 small businesses stand to benefit as soon as we do that. As Australia is buffeted by economic events overseas, we understand that lowering corporate tax assists the creation of jobs. What can be more important in this country than the creation of jobs?

I was also asked about superannuation and how that spreads the benefits of the mining boom. Did you know that over 4 million people living in Liberal and National Party electorates stand to get an increase in their superannuation—even if their representatives will not vote for it? In fact, if we get these reforms through, we will also be able to cut the concessional tax for 3.6 million Australians who earn less than $37,000 a year. Instead of paying 15 per cent tax on their superannuation, they will pay nothing at all. Incidentally, we intend to abolish age discrimination so that you can receive superannuation at any age.

I was also asked how much support there is for spreading the benefits of the mining boom and improving superannuation. There is a lot of support. One area where there is support is from industry funds. Industry funds, as most people—except those opposite—know, have equal employee and employer representation. I was terribly disappointed to see reported in today's newspapers that the Leader of the Opposition had attacked industry funds as some sort of gravy train. I was disappointed because Master Builders Australia appoints directors to industry funds, as do the National Retailers Association, VECCI, Business SA, the NFF and the CCIQ—what did these organisations ever do to be maligned, attacked and defamed by the Leader of the Opposition and his caucus room? All they want is greater superannuation.

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