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

I very much thank the member for his question. I do note that at a time when he was the Treasurer he did not embark upon superannuation reform; he embarked upon increasing superannuation taxes—that was it. No reform, no flexibility and no ability for people to contribute more to their superannuation.

We believe very strongly in our superannuation package, on this side of the House, because we know that it will help average Australians. It will help them to be able to save for their retirement. It will help people who have a low-income spouse be able to contribute to their spouse's income and their retirement savings, because they will receive an incentive for doing so—a tax offset for doing so. We have made it easier for them with our changes. It used to be, under the existing rules, that they could only get a tax offset if their spouse earned less than $10,800. We have said, 'No; we think that up to $37,000 you should be able to receive a tax offset for contributing to your low-income-earning spouse's superannuation,' because we believe in helping people to save for their retirement.

We also think it is very important for low-income earners not to pay more tax on their superannuation than they would otherwise pay in their wages. That is why we are introducing the low-income superannuation tax offsets. This helps more than three million Australians, including more than two million women. I think those opposite presumably would not argue with that, because this is again part of those measures that will assist people with being able to provide for their superannuation—

Mr Bowen interjecting—

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