Kelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | Hansard source

I thank the acting Leader of the Opposition for her question. I would say at the outset that her premise is completely and utterly false. We have been very, very clear that the intention behind our policy, as announced in the government, has in fact been delivered, that we would have an affordable, a flexible and a sustainable superannuation policy—a very important set of reforms that we would deliver and we have done just that. In fact, it has been welcomed by so many stakeholders.

Only today Industry Super Australia, who I am sure the member opposite would be quite familiar with, welcomed the announcement of the modifications to the Turnbull government's superannuation tax reform and they have said 'it is a workable compromise'. They have urged those opposite to support it, to not stand in the way and to not block it. Industry Super have said of our changes, that those opposite apparently are saying are so incredibly radical:

These are evolutionary, not revolutionary changes.

And they have said further:

The proposed measure will restrict superannuation being used for estate planning, while providing greater support for many more, lower income Australians saving for retirement …

I would have thought that those opposite would be supportive of that.

The Financial Services Council say that our changes are 'sensible'. ASFA say:

We are delighted that people approaching retirement will have more flexibility to add to their super.

They go on to say:

The ceiling of $1.6 million, once it is legislated, balances the need to ensure enough income for a comfortable retirement with ensuring the level of tax concessions is sustainable in the future.

They say:

This is the responsible thing to do for the superannuation system and for Australia’s long term, fiscal sustainability …

They also urge those opposite to support our changes. Even ACOSS have come out today and said, 'These are sensible if modest reforms that tighten tax breaks at the top end.'

So, frankly, we cannot understand why those opposite are going through this charade of pretending that they are not going to support our policy changes when they know they are right for the Australian people and they are right for the budget.

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