Bill Shorten (Maribyrnong, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Acting Prime Minister. The freezing of the superannuation guarantee will mean that an average income earner aged 25 will lose around $100,000 by the time they retire. Can the Acting Prime Minister explain to the students here in parliament today from the National Student Leadership Forum why his government is placing the interests of one billionaire ahead of the interests of nine million Australians?

Warren Truss (Wide Bay, National Party, Leader of the Nationals) Share this | Link to this | Hansard source

The opposition presumes incorrectly that the mining industry is only of value to those who own mines. The reality is it is a major employer in this country—

Graham Perrett (Moreton, Australian Labor Party) Share this | Link to this | Hansard source

It doesn't employ nine million Australians, I can tell you that much!

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

The member for Moreton is warned! That is the last time.

Warren Truss (Wide Bay, National Party, Leader of the Nationals) Share this | Link to this | Hansard source

It provides an enormous boost to the economy. It builds a substantial part of our export income. As a nation we benefit from the mining industry. As a nation we benefit from the investment in the mining sector. As a people we benefit from the mining industry, which pays income tax, royalties and a whole stack of other taxes to ensure that we are able to provide the services and facilities that we want as a nation. So it is completely wrong to suggest that the mining industry only benefits nine people, seven people or whatever you have suggested.

I also have to say that I find the opposition's commentary about superannuation for low-income earners utterly hypocritical. When Labor were in government they got rid of the low-income superannuation contributions scheme. They took $3.3 billion from low-income Australian worker superannuation schemes. Labor took $3.3 billion away from low-income earners for their superannuation schemes; they have no right—no right—to criticise those who need to make decisions and who need to deliver outcomes because Labor had a failed budget.

Labor had a budget that was spending money that they were not making. The reality is that we had to bring that under control. You have to make some tough decisions from time to time; we have been prepared to do that. But what we are doing is investing in our country and ensuring that the young people—the student leadership group that you referred to—will have jobs and opportunities in great industries like mining into the future, and delivering real benefits to all Australians.