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

My question is to the Treasurer. Yesterday the Prime Minister said he would consider Labor's plan to make superannuation fair and sustainable. On 17 June the Treasurer said:

… there are other taxation arraignments that apply to superannuation already and we are not going to increase those taxes … We will not tax your super.

Does the Treasurer stand by his statement?

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

The superannuation policies that we have had in place now for more than 20 years, which were introduced originally by the former member for Blaxland, have been an important part of ensuring that Australians can plan for their future and ensure that they can support themselves in their retirement. The reason we have tax incentives for superannuation is that we want Australians, when they reach retirement age, to not be dependent on welfare and the pension. That is what we want them to aspire to, and we hope that is something that a vast majority of Australians will be able to achieve. It is important that we understand the purpose of superannuation and why the tax incentive is important. It is also important that if you are going to put in place tax incentives for people for superannuation—and we are encouraging Australians to invest in their superannuation—then they have to have some certainty about what is going to happen in 20 or 30 years time when they are in the retirement phase.

Those opposite will know that the Prime Minister has made it very clear that the government will be looking at issues in relation to superannuation, but what the Australian people can be confident about is the coalition's record when it comes to superannuation. We know that it is their money. We know that it has a purpose. We need to know and we do know that there needs to be stability in the superannuation system.

Mr Bowen interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for McMahon will cease interjecting!

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

What the shadow Treasurer is putting forward is to increase the uncertainty around superannuation investments by focusing his greedy tax initiatives on the retirement phase. Those on this side have a very good record when it comes to understanding that when you have saved for your future, we do not come and raid it. Those opposite have a very different record.