Chris Crewther (Dunkley, Liberal Party) Share this | Hansard source

Thank you to my wonderful Victorian colleague the Assistant Minister to the Treasurer, who has been doing fantastic work with the Treasurer and, indeed, with the whole parliamentary team to return Australia to a surplus by 2020, for the first time since 2007. We have worked hard over six years, undoing the mess of six years of Labor in government, a party that last delivered a surplus when I was just five years old.

We on this side of the chamber are the responsible economic managers. Australians expect that from a coalition government. They expect that from the Treasury and Finance team in the cabinet of a coalition government, and we have indeed exceeded their expectations and given a solid and clear path back to surplus and then to paying down our debt. While we were fortunate not to be hit quite as hard as a number of other countries in the 2008 GFC, we would not have been able to weather the storm without the savings of the Howard government, demonstrating the vital importance of making savings during good times. A government that prioritises strong economic management is a government that shows respect for its citizens and residents, as the money the government spends is ultimately taxpayers' money. It also allows us to spend more on essential services and vital infrastructure, such as the Frankston to Baxter electrification and duplication in my electorate of Dunkley, for which we've contributed $225 million in the federal budget.

Many of the government's reforms in the 2018-19 budget are about handing control of people's hard earned money back to them, such as the personal income tax reform; reforms to lower tax, particularly for small businesses; and the measures we have introduced to protect my constituents' superannuation. I believe that Dunkley residents and indeed all Australians are entitled to the dignity and personal responsibility of being able to support themselves wherever possible, and our superannuation system is a big part of that.

I would like to ask the minister if he can address the chamber not only on what we are doing to return the budget to surplus but on what the benefits from that will be. I'd also ask the minister to address what are the opportunities under our superannuation system reforms, in terms of the coalition government giving constituents in my electorate and elsewhere in Australia the ability to pursue their own interests and manage their own money to a greater extent. Further, the reason I ask this question is that, given that we have a compulsory superannuation system in Australia, the government has an obligation to ensure that the superannuation system works to the benefit of Australians, including those in Dunkley. I'm proud to advocate for my constituents and to support their right to take their future into their own hands. Superannuation belongs to the individual and no-one else—not the government and not the superannuation funds. The action that the government has taken includes empowering the ATO to reunite people's lost or low and inactive accounts with their active superannuation accounts wherever possible, capping certain fees for low-balance accounts at three per cent annually and banning exit fees on all accounts. These reforms are all made with the objective of improving the superannuation regulatory system to protect Australians from excessive fees, unnecessary insurance premiums and the inefficiencies which result from inadvertently holding multiple accounts. This is especially the case where, in some cases, individuals are forced to hold multiple counts as a result of restrictions on superannuation choices, restrictions which we propose to lift. I would also hope and ask that all MPs support these measures to ensure my constituents in Dunkley have access to more of their hard earned money. My next question is: Minister, what are we doing to ensure that my constituents and constituents across Australia have the support to have additional autonomy over their own funds and to manage what is essentially their own money?

Lastly, I know that residents in Dunkley, be they in Frankston, Langwarrin, Skye, Mount Eliza, Seaford or elsewhere, appreciate being treated as responsible and capable individuals. I know these fair reforms and consumer protections that we are supporting will empower them to work towards their retirement with confidence. In addition to my previous question, I would ask the minister: is the minister aware of any alternative policy discussions that are predicted to hurt people in retirement? I note that it is our responsibility as a government to ensure that we govern and legislate in the best interests of Australians and I look forward to the minister's answer.

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