Nola Marino (Forrest, Liberal Party) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer. Will the Assistant Treasurer update the House on how the government is bringing consistency to superannuation policy and certainty for Australian retirees. Are there any challenges to this approach?

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

I thank the member for Forrest for her question and acknowledge her deep contribution in this place to protecting the hard-earned savings of ordinary Australians. There are 14 million superannuation accounts in Australia, with some $2 trillion of funds under management, growing to $9 trillion by 2040. What superannuants want is stability and certainty. That is why this government has committed to no unexpected or adverse changes to superannuation in this term of office.

I am asked: are there any challenges to this approach? The greatest challenge comes from the chaotic position on superannuation from those opposite. Who could forget Kevin Rudd's commitment on the eve of the 2007 election not to change superannuation, 'not one jot, not one tittle'. He then gave us 12 adverse changes and $9 billion of additional taxes on superannuation. Who can forget the member for McMahon rushing out that press release in 2013 'No changes to superannuation for five years' and now supporting the Leader of the Opposition with two additional taxes on superannuation and saying recently?

It is indefensible to suggest we can leave superannuation concessions for another day.

The piece de resistance came nearly two weeks ago on 3 June when the Leader of the Opposition, at a door stop, was asked about Labor's superannuation policy and he said:

Labor proposes … if you’ve got $2 million in superannuation and you’re in retirement and you’re earning an income of $100,000 … we’re proposing that you pay a reduction in the tax concession.

I thought, 'That doesn't make sense.' I have got a press release here from 22 April this year from the Leader of the Opposition saying he will put a tax on earnings above $75,000, not $100,000, and above a balance of $1.5 million, not $2 million. I thought, 'Where did that come from?' It was their policy in 2013. The Leader of the Opposition does not even know his own superannuation policy.

We have got a Leader of the Opposition who now wants to raid the piggy bank of retired Australians and who wants to take on negative gearing, and now he does not even know his own superannuation policy. We have got a shadow Treasurer who does not know his own tax scales. We have got a shadow finance minister who last week said business confidence had gone down when it had gone up. And we have got a shadow Assistant Treasurer who says, if we bring back a carbon tax and a mining tax, we will get back to surplus. Labor were an absolute disaster in government, they are chaotic in opposition and, when it comes to Labor's policy on superannuation, do not look at what they say; look at what they do.

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

I ask that further questions be placed on the Notice Paper.