Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

I do thank the member for his question. Every day this government is driven by the desire to support Australian jobs and to support Australian workers and, of course, we did that during the global financial crisis when we put jobs first for Australian workers. And we have done it again during our recent budget in the face of revenue write-downs. We have put jobs and growth first for Australian workers, so much so that there have been 950,000 jobs created since this government came to power. That is why we are so serious in meeting the challenges of the future particularly in terms of our jobs plan for Australia, which was voted against by those opposite in the House yesterday—a groundbreaking plan particularly to assist manufacturing industry and to create the conditions for the jobs of the future.

We are not just concerned with jobs now. We are also concerned with the retirement plans of all Australian workers, and nothing is more important to the Australian workforce over and above their job security than what they are going to do in retirement as to their dignity in retirement and their living standards in retirement, which is why the Labor Party invented national superannuation, a system which is the envy of the world. It has played a very important part in supporting jobs, particularly during the global financial crisis, and it has strengthened our economy for the future. We are putting in place some very important superannuation reforms and from today Australians are able to get an update of how much better off they will be from Labor's superannuation reforms. They can go now and log into moresuper.gov.au to find out how much better off they will be from an increase in the superannuation guarantee from nine to 12 per cent. They can log in if they are a low-income worker and find out how much better off they will be from the $500 contribution which is going to low-paid workers. Of course, there is an alternative approach to superannuation in this House and that comes from those opposite because they have announced two policies which will attack the retirement incomes of over eight million Australian workers. In particular, there is their desire to slow the implementation of the increase in the guarantee. We know what that really means because the last time that happened it did not proceed at all. The impact there would be for someone on an average income—a 30-year-old—that they could lose $127,000 in their retirement. We know that will happen. We know that the Leader of the Opposition has said that superannuation is a con job. Now he did say that some time ago, but there is one thing he said down in Geelong only a year ago. He said this:

Well, we strongly oppose the superannuation increase. We have always as a Coalition been against compulsory superannuation increases.

I think what that indicates to the Australian people is a savage attack on the retirement savings of Australian workers. (Time expired)

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