Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Prime Minister. Why is this government protecting people earning $100,000 or more in interest on their superannuation while punishing workers earning $37,000 or less by abolishing the low-income superannuation contribution?

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

As a result of the decisions which the government made yesterday and which the parliament passed yesterday, the mining tax is gone and the unsustainable spending associated with the mining tax is also gone. We have completely delivered on our pre-election commitments.

We are ensuring that, for the next 10 years, money that would otherwise be locked up in superannuation remains in workers' pockets. That is a good thing—to have money in workers' pockets—because, as the Leader of the Opposition well knows, compulsory superannuation takes money out of people's pay packets. That is what it does. It takes money out of people's pockets and puts it into the hands of the fund managers. In the right time, under the right circumstances, that is a good thing; but, given the budgetary position that this government is in, that money should stay in workers' pay packets until 2025.

Mr Shorten interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The Prime Minister has the call and the Leader of the Opposition will desist.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Madam Speaker, we have more confected indignation from an utterly hypocritical opposition, because when members opposite were in government they increased taxes on superannuation by $9 billion. That was the increase in taxes on superannuation—and that was one of the few competent taxes, I suppose. It did actually raise some money. But they not only hit superannuants with extra taxes of $9 billion; they also cut superannuation benefits to lower-income earners by more than $3.3 billion. Hypocrisy, thy name is Labor.