Andrew Willcox (Dawson, Liberal National Party) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer. Can the minister confirm that farmers holding their farmland or family businesses holding their assets in self-managed super funds could be forced to pay tens of thousands more in taxes under Labor's superannuation changes due to nothing more than fluctuations in volatile commercial property prices? Isn't this just another unfair new tax on family farms and family businesses?

Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for his question. Of course, Labor created superannuation, and it's a success story. With over $3 trillion of national savings, Australians are now retiring with more money than they ever have before. The thing that honourable members need to understand is that every single dollar was opposed by those members over there.

Milton Dick (Speaker) Share this | Link to this | Hansard source

The member for Gippsland will cease interjecting.

Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

In fact, in three of the last four years, they've tried to stop Australians getting an increase in their superannuation payments. We've started a conversation in this country about the objectives of superannuation. It is unusual to have a piece of public policy in operation for 30 years without an agreed understanding of what it's all about. On this side of the House, we understand that superannuation is about providing a retirement income stream. We understand that Australians find there are lots of taxation incentives for investing their money in superannuation, and that is by design—we want to encourage people to save for their retirement. I don't think any reasonable person—perhaps apart from the Leader of the Opposition—could argue that somebody with $100 million in their superannuation account has their money saved for the purpose of—

Opposition members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

The Assistant Treasurer will resume his seat for a moment.

The member for Gippsland is not helping. I want to hear from the Leader of the Nationals.

David Littleproud (Maranoa, National Party, Shadow Minister for Agriculture) Share this | Link to this | Hansard source

A point of order on relevance. The question goes to farmlands and small business. The minister has been given a minute-and-a-half to talk about the specifics of this and he has failed to even touch on that in any way shape or form.

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! If the member for O'Connor would like me to rule on the point of order—stop interjecting. The minister was asked a specific question; I draw him back to the question.

Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

The reason we are doing this is we want to ensure that superannuation is operating as it is intended—to provide a retirement income stream. The member opposite asks me about self-managed superannuation funds that have illiquid assets in them, like property. It is a requirement under the current law that superannuation trustees have provisions within their accounts to account for liquidity events. That is a requirement under the current law.

Opposition members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! Members on my left will cease interjecting immediately or people will leave the chamber. The minister will return to the question.

Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

The current law requires that superannuation trustees, including the trustees of self-managed superannuation funds, have provision within the fund for liquidity. We understand a change like this is going to represent a challenge for some funds, which is why we are consulting about the implementation of it and will ensure that there are transition arrangements. This might be difficult for them over there to understand— (Time expired)