Ross Vasta (Bonner, 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 providing security to all Australians saving for their retirement? Are there any challenges to this approach?

Opposition Members:

Opposition members interjecting—

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

I will have no more of that. I call the Assistant Treasurer.

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

I thank the honourable member for Bonner for his question and acknowledge his deep commitment to good economic policy. The savings of hardworking Australians have never been more important to the health of the Australian economy. With the Intergenerational report showing that the number of Australians over the age of 65 will more than double over the next four decades, we need to encourage people to save for their retirement and we need to protect those savings. That is why we on this side of the House are committed to no adverse or unexpected changes to super in this term of government, and that is why we are committed to reversing Labor's disastrous changes to the unclaimed moneys regime.

I am asked: are there any challenges? The biggest challenge comes from the chaotic approach to superannuation from those opposite. They have had every position under the sun. Consider this from the member for McMahon in his book Hearts and Minds, which you can get for a steal at the local book-grocer. He said:

The tax concessions for superannuation are … justified … they help boost our pool of savings …

And he said that paring them back creates uncertainty. But the member for McMahon in a speech on 3 June this year said:

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

In fact it is completely irresponsible.

The Leader of the Opposition is no better. On 23 June 2013, in a press release with his best friend the member for Lilley, he said:

Labor is the party of superannuation … we’re the only party interested in growing the retirement savings of hardworking Australians.

But now this year he insults millions of Australians with superannuation, calling it a legalised tax haven, and he wants to cut the tax concessions for more than 425,000 Australians to 'improve the budget bottom line'.

Labor cannot be trusted with your savings. In this year, the so-called year of big ideas, they have no ideas. The shadow Assistant Treasurer, the member for Fraser, in one of his great speeches, said, 'Don't panic. The ideas are coming.' He said this:

Labor’s policy development process … has been like the proverbial duck, calm on the surface while paddling like hell underneath. So watch this pond.

After tonight's episode of The Killing Season, it might not be long before they dump this damaged duck and replace it with the old swan.

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.