Amanda Rishworth (Kingston, Australian Labor Party) Share this | Link to this | Hansard source

to move:

That the House:

(1)

notes that the Henry Tax Review:

(a)

concluded that the existing occupational superannuation scheme is only capable of providing ‘adequate’ income for most retirees in Australia;

(b)

made the in-principle recommendation that the fairness of the existing tax assistance to superannuation needs to be improved and that the generous salary-sacrifice concessions need to be limited; and

(c)

projected that under the existing system people on higher incomes will continue to be much more likely to make large contributions and take advantage of the taxation concession;

(2)   recognises that in anticipation of the final December 2009 report, a national debate on superannuation reform is needed; and

(3)

acknowledges that this debate should focus on:

(a)

increasing the superannuation contribution rate above the current level of nine per cent;

(b)

delivering better outcomes for Australian retirees through a superannuation scheme which aspires to deliver more than ‘adequate’ outcomes, especially for low and middle income retirees;

(c)

the need for equity in Australia’s superannuation scheme; and

(d)

addressing the fact that the existing 15 per cent tax on superannuation contributions is a concession which disproportionately advantages high-income earners.