Judi Moylan (Pearce, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Revenue and Assistant Treasurer. Would the minister advise the House how the government has improved the operation of superannuation funds of Australian workers to help them save for their retirement?

Peter Dutton (Dickson, Liberal Party, Minister for Revenue and Assistant Treasurer) Share this | Link to this | Hansard source

I thank the member for Pearce for her question. I say to her and to other members of the House who have applauded the government’s announcement in the recent budget that superannuation now has much greater appeal to younger people in particular in this country. It is a much more understandable system. And we say to people who are over the age of 60 that, from 1 July next year, they have no tax to pay on a pension or on money which is drawn down in a lump sum. It provides an opportunity for us to say to young people who are in their 30s and 40s to consider superannuation in a way they have not been able to in the past. Superannuation is now a less complex system that provides greater opportunity and savings incentives and will provide very well in the future for generations who will be experiencing the ageing of the population.

Arch Bevis (Brisbane, Australian Labor Party, Shadow Minister for Aviation and Transport Security) Share this | Link to this | Hansard source

Explain it to us, Pete. You’d understand it.

Peter Dutton (Dickson, Liberal Party, Minister for Revenue and Assistant Treasurer) Share this | Link to this | Hansard source

For the benefit of the member for Brisbane, who interrupts and who, like the members opposite, does not support the way in which we have said that we will reform superannuation, I will explain to him that it will provide tremendous support—

Arch Bevis (Brisbane, Australian Labor Party, Shadow Minister for Aviation and Transport Security) Share this | Link to this | Hansard source

Mr Bevis interjecting

David Hawker (Speaker) Share this | Link to this | Hansard source

Order! The member for Brisbane does not need to encourage it.

Peter Dutton (Dickson, Liberal Party, Minister for Revenue and Assistant Treasurer) Share this | Link to this | Hansard source

from 1 July next year to people over the age of 60. It will reduce complexity. We say to them that we will support them in retirement as we never have before. But there is one important point to make out of all of this, and that is that the Labor Party still have not committed themselves to this change. Despite having had two weeks since this announcement, we still have not heard from the Leader of the Opposition as to whether or not he agrees with or supports this change. This is another opportunity for the Australian people to see how the Leader of the Opposition is weak and undecided on these issues.