Jason Falinski (Mackellar, Liberal Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. Will the Prime Minister advise the House of the government's commitment to deliver economic security for Australians, including through reforms to our superannuation system?

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I thank the honourable member for his question. My government is providing the clear economic leadership Australia needs to remain a prosperous and secure First World economy with a generous social welfare safety net. Every lever of our policy is pulling in the direction of stronger growth and we are delivering. Over the last year we have seen economic growth grow to 3.3 per cent. Jobs are growing. We are seeing strong growth across the economy. We are making the tough but necessary calls to ensure that our children and grandchildren are not burdened by mountains of debt because we could not live within our means. That is a critical element of fairness which the honourable members opposite should reflect and act upon. Today marks a very important step with the Treasurer and the Minister for Revenue and Financial Services announcing the details of improvements to our superannuation package. These constitute the most significant reforms to superannuation in a decade. Labor had six years in government and did nothing. My government has acted. We have made real reform to superannuation to make it fairer, more flexible, with greater integrity, to make a substantial contribution to budget repair. This is a critically important element in our economic plan—96 per cent of Australians will be better off or unaffected by these changes. The announcements are expected to improve the budget bottom line by a further $180 million over the next four years and they meet all the objectives we set for superannuation reform.

I also want to acknowledge that this week we have worked with the opposition to pass the $6.3 billion omnibus savings package. I want to thank the shadow Treasurer and the shadow finance minister for their cooperation. They demonstrated that the 45th Parliament can come together to pass sensible economic reforms.

We understand that for 70 minutes of each parliamentary sitting day the opposition feels it is obliged to come in here and accuse the government of bringing the country to the edge of chaos and financial ruin, say that every measure that is proposed is catastrophic, and cast the government in the worst possible light in as raucous a fashion as possible. But it is important for Australians to know that, as we break for the next few weeks, we should reflect on this: that, with a little less grandstanding, a little less name-calling and a little more constructive negotiation, we can achieve great things for Australians and their future in this 45th Parliament.