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

I would like to thank the member for Bass for his question. He like everyone else in the Labor Party is interested in low-income workers and what we do for their retirement savings. He may be aware that there are 425,000 shop assistants in Australia who earn less than $37,000 and there are 83,000 cleaners and laundry workers and 185,000 Australians who work in hospitality and food preparation. All of these people earn less than $37,000 a year. In fact there are 3½ million Australians who earn less than $37,000 a year.

That is why on 1 July 2012 it was Labor who axed the tax on superannuation taxes for people who earn less than $37,000 a year. No longer in Australia, if you earn less than $37,000, do you pay a 15 per cent tax on your superannuation. In fact in the next two months 3½ million Australians who work part time or full time and earn less than $37,000 are going to get more money in their superannuation, and for one reason—the Labor government.

I have been asked, though, whether there are any bad policy ideas out there and, just as our axing the tax is a good idea, there is a bad idea. The bad idea had its most recent run in the paddock courtesy of the Leader of the Opposition in his reply to the budget speech when he said that he will introduce a great big new tax on the superannuation—

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