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

My question is to the Minister for Revenue and Financial Services. In question time yesterday, the minister said of the government's superannuation package:

We announced it in the budget. We believe in our superannuation package.

Does the minister believe in the superannuation package announced today or does the minister believe in the superannuation package she believed in yesterday?

Kelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | Link to this | Hansard source

I very much thank the member for his question. I do note that at a time when he was the Treasurer he did not embark upon superannuation reform; he embarked upon increasing superannuation taxes—that was it. No reform, no flexibility and no ability for people to contribute more to their superannuation.

We believe very strongly in our superannuation package, on this side of the House, because we know that it will help average Australians. It will help them to be able to save for their retirement. It will help people who have a low-income spouse be able to contribute to their spouse's income and their retirement savings, because they will receive an incentive for doing so—a tax offset for doing so. We have made it easier for them with our changes. It used to be, under the existing rules, that they could only get a tax offset if their spouse earned less than $10,800. We have said, 'No; we think that up to $37,000 you should be able to receive a tax offset for contributing to your low-income-earning spouse's superannuation,' because we believe in helping people to save for their retirement.

We also think it is very important for low-income earners not to pay more tax on their superannuation than they would otherwise pay in their wages. That is why we are introducing the low-income superannuation tax offsets. This helps more than three million Australians, including more than two million women. I think those opposite presumably would not argue with that, because this is again part of those measures that will assist people with being able to provide for their superannuation—

Mr Bowen interjecting—

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

The member for McMahon! He currently has the MPI.

Kelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | Link to this | Hansard source

We believe that it is important for people to be able to make catch-up contributions, as I have mentioned before, helping more than 220,000 people. We believe in levelling the playing field, as I said before, helping more than 800,000 people. Those opposite would penalise people; we believe in their aspiration and in giving them a hand up.