Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

I disagree with some of the points Senator Watson has made, and I will comment on those as I go. That is despite my considerable respect for Senator Watson and his knowledge of superannuation—I would acknowledge that; certainly he is the most knowledgeable on the government side.

In dealing with the issue of the existing co-contribution, let me refer to the just over 1.1 million low- to middle-income earners. They are not all low- to middle-income earners if you look at the family tax arrangements, Senator Watson, and that detail is provided. In fact, about one in 10 partners of low- to middle-income earners earn incomes higher than $58,000, which is the phase-out level. When you have the couple’s family income details provided, it is clear that on that basis some people at a higher income level are indirectly benefiting. But put that issue aside.