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

The government is committed to reforming superannuation and we continue to do that. The member for North Sydney, in speaking against the amendment, has challenged the government's bona fides in superannuation. Thank goodness Labor are in government in Australia, because we are the ones lifting superannuation from nine per cent to 12 per cent. Thank goodness Labor are in government, because we are the ones reforming financial planning laws so that people can have greater confidence in the advice they are getting. Thank goodness Labor are in government, because we are the ones who abolished the discrimination against people over 70 who are employees—they will be able to get superannuation. Thank goodness Labor are in government, because we are the ones abolishing the tax on superannuation contributions made by people who earn less than $37,000 a year. This last issue falls into the coalition's Bermuda Triangle of policy, where ideas mysteriously disappear into the opposition's policy think tank—if that is not a tautology. What is the opposition's policy on abolishing the 15 per cent tax paid by people who earn less than $37,000 a year?

Perhaps it is the member for North Sydney's personal philosophy not to always be mindlessly negative, given that they are not opposing this amendment. Perhaps we do see the hand of Hockey here—the hand of North Sydney—cooperating on policies which make sense, which this one does. We will continue to negotiate with industry, we will continue to negotiate with the opposition and we will continue to make our superannuation system the envy of the world.

See this speech in context