Andrew Southcott (Boothby, Liberal Party) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer. Will the Assistant Treasurer update the House on the government's commitment to protect the retirement savings of all Australians? Are there any alternatives to this approach?

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Madam Speaker, I rise on a point of order. I refer you to page 555 of the Practice where it has been clear for a long time that Speakers are not willing to look at phrases such as, 'Are there any other policy approaches?' We have had an example of that. They have been coming through for a while. Speakers over the last number of terms have started to rule those questions out, and I ask you to uphold that precedent. I do not dispute that the rest of the question is in order.

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

I have heard these phrases from both sides of the House over a long period of time, and my ruling is that they stand.

Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

I thank the member for Boothby for his question and acknowledge his strong contribution to protecting the retirement savings of all Australians. The coalition is the best friend of superannuation Australians have ever had. This is because we have championed self-managed super funds. This is because we continue to support an increase in the super guarantee, even though those opposite refuse to fund it. This is because we, in this year's budget and in this term of government, have committed to making no unexpected or adverse changes to superannuation.

I am asked if I am aware of any alternatives. I am aware of at least four alternatives—and all of them sit opposite. The first was the former member for Griffith Kevin Rudd, who said on the eve of the 2007 election, 'We will not change superannuation one jot, one tittle.' Secondly, I am aware of the records of the Rudd and Gillard governments where they made at least 12 adverse changes to superannuation and increased taxation by at least $9 billion on super. Thirdly, I am aware of that famous press release from the member for McMahon, the professor of ouzo economics, titled 'Five-year freeze on superannuation changes'. That commitment lasted less than 48 hours. Then of course I am aware of the fourth alternative from the Leader of the Opposition, the man who called superannuation a 'legalised tax haven'. He announced on 22 April this year that he was going to increase two taxes on superannuation. But that is starting to unravel before his very eyes. He has been caught out by the Parliamentary Budget Office. The Australian on 21 May stated that the Parliamentary Budget Office reportedly advised that Labor's two taxes on super will adversely impact on 425,000 Australians—more than three times the number that Labor claimed in their press release.

Then when it comes to the revenue grab that Labor claims it is getting from its tax increases, the Parliamentary Budget Office said:

These costings are considered to be of low reliability …

The Labor Party has a $58.6 billion budget black hole, and the Leader of the Opposition is in a desperate cash grab. All of this is from a Leader of the Opposition who said on Radio National with Fran Kelly: 'I've spent my whole working life to make sure ordinary Australians have more money when they retire.' This is hollow comfort for the more than 400,000 Australians who will be adversely hit by this latest—but it will not be the last—Labor raid on super.

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

My question is to the Prime Minister. Will the government be changing the draw-down or preservation age rules governing superannuation?

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

We absolutely have no plans to change super. We honour our commitment in relation to superannuation and we think it is vitally important, during a period when people are actually getting comparatively low returns on their investments, that they have stability and certainty in relation to superannuation. I note that the question came from the honourable member for McMahon. I am going to ask this question of the House. Who said this:

The tax concessions for superannuation are substantial. They are justified because they avoid future payments of the age pension and they help boost our pool of savings ... The problem with this is that it creates uncertainty for, and concern by people who are making voluntary contributions to superannuation.

Who said that? He said the changes to superannuation:

… creates uncertainty for, and concern by people who are making voluntary contributions to superannuation.

Who would that be?

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Madam Speaker, I rise on a point of order.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

You are the human shield here, are you?

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Madam Speaker, in the last point of order you ruled that it was now allowed to ask about alternative policies. If this is in order, then it is implied alternative policies—whether it is asked or not. There is no way that this answer—

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

There is no point of order. The member will resume his seat.

Mr Burke interjecting—

The member will resume his seat or leave; the choice is his. Very simply, I said previously that the practice in the way the questions have been asked over the years will stand. The Prime Minister indicated that he wished the Treasurer to ask this question.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I say to the honourable member for McMahon that we share his view in his book in July 2013. Hearts and Minds, it was called. It was from Chris Bowen. They are all writing books over there. Even the member for Lilley is getting the Parliamentary Library to write his second book! It is a good book, you should read it. It is very good! I would say to the honourable member for McMahon that the coalition believes not just in words but in actions. We should deliver certainty and stability in superannuation. The Labor Party not only wants to introduce new taxes on people's superannuation but wants to keep changing the rules. I would ask him to go back to his own book, look at his own words and reflect on his own wisdom at that point.