Luke Howarth (Petrie, Liberal Party, Shadow Assistant Treasurer) Share this | Hansard source

I heard the member for North Sydney—I don't control the tactics here, but I was giving you a few 'hear, hears'. This means that young Australians will pay more. Analysis from the Treasury has shown that a 20-year-old today earning the average wage over their lifetime will pay higher taxes under this scheme, meaning that up to two million Australians could be captured by the time they retire. The minister opposite said it's only on high balances, but the reality is that this will impact a lot of Australians. The minister opposite was saying that the average balance is $150,000 to $200,000 at the moment, but in the future, of course, we know that $3 million, when someone retires in 45 years time, is going to be worth a lot less than what it is today.

It shouldn't be up to future governments to make all these changes. The government and the minister, whether it's this minister or any other minister in the Albanese government, deserve to get this legislation right. It shouldn't be up to future governments. I accept that not every government puts in policy that we always agree with. I mean, the minister opposite mentioned divisional 293 before—once again, not indexed; it probably should have been. It's wrong because, at the end of the day, he'll be getting less in his super account than a backbencher will right now, because he's taxed at 30 per cent rather than 15 per cent.

The other thing is that this taxes unrealised capital gains. I know the member for Wentworth mentioned this, and it's true. It means that retirees, superannuants, farmers, and small and family business owners will be hit the hardest and may have to sell assets all because there has been a capital gain. I could go to anyone in Australia, people in the gallery or anyone else, regardless of what they earn, and ask, 'Do you think that there should be a tax on unrealised capital gains?' I could say to people in the gallery: 'You bought a house for $500,000. It's now worth $800,000. You haven't sold it yet, but the government wants tax on $300,000 because that's your capital gain.' That is what this Albanese government is doing to Australians right now with this bill, and we in the coalition oppose it. I'd ask people who are listening around the place, is that a major change to super? I think it is.

We oppose the whole bill—the Leader of the Opposition has said that—based on what the government said. But I can tell you two things, even when I talk to people who are affected by this: a tax on unrealised capital gains is wrong and it needs to be indexed. Of course, the doubling of the taxation is a big issue. The minister said before that people have the pension. The reality is that we want people to save in their retirement so that they are self-funded. (Time expired)

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