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

I thank the Leader of the National Party for his question. I can't be clearer. Yes, it is true that there are going to be a very small number of individuals' funds who are going to be paying more money under this arrangement. Yes, there are. We wouldn't be doing it otherwise, and the object of the change is to ensure, on the one hand, that we maintain the integrity of our superannuation system, and, on the other hand, that we also make a contribution to the $1 trillion worth of debt that those opposite have left us.

In relation to any self-managed superannuation fund that has assets in excess of $3 million, the earnings on those assets under $3 million will continue to attract the concessional tax rate of 15 per cent. The earnings on the assets above $3 million will still attract a very concessional tax rate, but not as generous as existed before the change. That's the point—

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