Stephen Jones (Whitlam, Australian Labor Party, Shadow Assistant Treasurer) Share this | Hansard source

A few moments ago government members filed into this place and voted against their own election commitment. I found it extraordinary. The only explanation that I can conjure up to explain what has gone on is that they didn't understand what they were voting for. I'd like to give them the opportunity to reconsider that by putting forward a similar set of amendments in the second reading debate on this bill that concerns superannuation. I move:

That all words after "That" be omitted with a view to substituting the following words:

"whilst not declining to give the bill a second reading, the House calls on the Government to ensure that all Australians can enjoy a dignified retirement, including by committing to:

1. the scheduled and legislated increases to the superannuation guarantee; and

2. adequate funding for the aged pension".

This bill has a grandiose title. 'More Flexible Superannuation' hides a very simple measure. Who could possibly oppose a bill entitled More Flexible Superannuation? In this case, not us. The member for Goldstein will be delighted. The bill amends the Income Tax Assessment Act 1997 to extend access to the superannuation bring-forward arrangements to people aged 65 and 66 from 1 July 2020 to better reflect the changing nature of work. That is to say it's a minor fixer to align the maximum age in one piece of legislation with the current pension age. It's sensible and it should enjoy our support, although I am going to come back to that point about the change in the pension age. It is worth the House focusing on that for a moment and in a moment.

So we're going to support the bill. But it does say something about the government that one of their highest priorities during the global pandemic and economic crisis is to make it easier for people with significant assets to make large, non-concessional contributions to their superannuation account. It's not a fix for our beleaguered aged-care system. It's not helping businesses and universities build jobs. And it isn't going to help plug the massive holes that this government has punched in our superannuation system, particularly for the 600,000 young Australians who have had to access their superannuation accounts—

Mr Tim Wilson interjecting—

for want of any—

Mr Tim Wilson interjecting—

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