Bernie Ripoll (Oxley, Australian Labor Party, Shadow Minister Assisting the Leader for Small Business) Share this | Hansard source

Absolutely dignity! There is still not enough there, and this is really what is before us here today. Even though we have had a bit over 20 years of Superannuation Guarantee and workers' retirement savings building to a reasonable but very modest position, it is still not enough. That is why, when we were in government, we moved to have superannuation raised from nine per cent to 12 per cent. How can anyone argue against that?

We heard the shadow Treasurer talking about Craig Meller from AMP before, talking about the importance this has not only for working men and women but also for the national economy, for the budget. When will this government acknowledge the fact that by virtue of Labor's Superannuation Guarantee policies over the past 20 years the budget saves $7 billion every single year? Seven billion dollars less expended on the budget, on the taxpayer, because we have Superannuation Guarantee and more people saving for their retirement. This should be something that is celebrated.

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