Ed Husic (Chifley, Australian Labor Party, Shadow Parliamentary Secretary to the Shadow Treasurer) Share this | Link to this | Hansard source

Fourteen times, the Australian public was promised there would be 'no unexpected, adverse changes to superannuation', yet this week we saw an adverse change to superannuation. As a result of what that side of politics has done, $128 billion to $150 billion in national savings has been lost—as a result of the government's decision. If that is not adverse, I do not know what is.

What is the impact? You are made to work longer and get less. You are made to work till you are 70, you get less for your age pension and you get less in your superannuation. And it is an intergenerational whack. It not only hits older generations; current generations will pay too. When you have up to $150 billion less in the national savings pool that is generated by superannuation, that is less money for infrastructure; that is less money for business to invest. That means there are fewer chances of jobs and fewer chances of a better economy—as a result of what those opposite are doing.

It is clear that the savings of ordinary Australians are being affected, that the Clive and Tony make-up hug is crushing the retirement incomes of Australians, and we should not be made to pay for this.