Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Hansard source

I thank the member for Boothby for his question and acknowledge his strong contribution to protecting the retirement savings of all Australians. The coalition is the best friend of superannuation Australians have ever had. This is because we have championed self-managed super funds. This is because we continue to support an increase in the super guarantee, even though those opposite refuse to fund it. This is because we, in this year's budget and in this term of government, have committed to making no unexpected or adverse changes to superannuation.

I am asked if I am aware of any alternatives. I am aware of at least four alternatives—and all of them sit opposite. The first was the former member for Griffith Kevin Rudd, who said on the eve of the 2007 election, 'We will not change superannuation one jot, one tittle.' Secondly, I am aware of the records of the Rudd and Gillard governments where they made at least 12 adverse changes to superannuation and increased taxation by at least $9 billion on super. Thirdly, I am aware of that famous press release from the member for McMahon, the professor of ouzo economics, titled 'Five-year freeze on superannuation changes'. That commitment lasted less than 48 hours. Then of course I am aware of the fourth alternative from the Leader of the Opposition, the man who called superannuation a 'legalised tax haven'. He announced on 22 April this year that he was going to increase two taxes on superannuation. But that is starting to unravel before his very eyes. He has been caught out by the Parliamentary Budget Office. The Australian on 21 May stated that the Parliamentary Budget Office reportedly advised that Labor's two taxes on super will adversely impact on 425,000 Australians—more than three times the number that Labor claimed in their press release.

Then when it comes to the revenue grab that Labor claims it is getting from its tax increases, the Parliamentary Budget Office said:

These costings are considered to be of low reliability …

The Labor Party has a $58.6 billion budget black hole, and the Leader of the Opposition is in a desperate cash grab. All of this is from a Leader of the Opposition who said on Radio National with Fran Kelly: 'I've spent my whole working life to make sure ordinary Australians have more money when they retire.' This is hollow comfort for the more than 400,000 Australians who will be adversely hit by this latest—but it will not be the last—Labor raid on super.

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