Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

I thank the member for her question. The budget is our plan for a stronger economy. It delivers on the promises we made in 2016 for more jobs and more growth. Jobs and growth is what we promised, and that is precisely what has been delivered. There has been record jobs growth—the largest number of jobs created in any calendar year in Australia's history: in 2017, 415,000 jobs. Our income tax plan is a major comprehensive reform. It means lower, fairer and simpler taxes for middle- and lower-income Australians, with 10 million Australians benefiting in the first year and nearly 4½ million receiving relief of $530. Because it is a comprehensive plan it will mean that, at the conclusion of the plan in 2024-25, 94 per cent of Australians will not have to pay more than 32½c in the dollar for an extra dollar of income between $41,000 and $200,000—a marginal rate of 32½c.

We're also ensuring that we're cracking down on costly and unfair fees and charges on superannuation accounts. We are banning exit fees for anyone who simply wants to change their fund. That's costing Australians around $52 million a year at the moment. We're introducing a three per cent cap on administration fees on accounts with a balance of $6,000 or less. That would have saved Australians around $120 million in 2015-16. Most importantly, we're ensuring that lost and inactive superannuation accounts can be transferred to the Australian Taxation Office and then proactively reunited with the account holder's active account. That will send back nearly $6 billion to around three million Australians. That is real relief for Australian superannuation account holders.

The strength in the economy that we're seeing that is delivering the record jobs growth is enabling us to guarantee essential services—

Ms Butler interjecting—

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