Helen Coonan (NSW, Liberal Party, Minister for Communications, Information Technology and the Arts) Share this | Hansard source

To reward people for saving for their future, the government have announced that, as part of the 2007-08 federal budget, we will pay an additional one-off sum to double the co-contribution of the 2005-06 year. This means an eligible person who contributed up to $1,000 during the 2005-06 year will receive a co-contribution of up to $3,000 from the government for that year which will be paid before 30 June this year.

I was asked by Senator Parry about community support for the government’s super policy. I am pleased to say that industry, analysts and superannuants have all warmly welcomed the government’s reforms. Money magazine’s Paul Clitheroe stated that the changes to simplify super are really quite amazing. Former ALP minister Susan Ryan has labelled the Treasurer as a ‘superhero’ for his bold and effective plan to simplify super and reduce taxes. Garry Weaven, the former ACTU notable and now industry fund advocate, said, ‘The government’s recent budget initiatives have proved that the Liberal Party is now the official party for superannuation.’ He could not have put it any higher. These comments have simply belled the cat on Labor’s abject failure while in government to provide Australians with reward for their efforts. Australians are now paying less tax. They now have a chance of a real job. They have a government which has paid off $96 billion of Labor’s debt, saving taxpayers $8 billion per year in interest payments. Now, in lieu of a big share of the nation’s debt, all Australians can share in the prosperity only made possible by the Howard government’s strong economic management.