Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

It is the height of irresponsibility and hypocrisy, particularly given the current pressures on the budget, for the former Liberal government to come into this place and indicate that they are going to gut a $1.2 billion revenue measure—a measure which they designed and started to compile into law, and indeed that Senator Minchin, to whom I pay credit, helped to design—when there is such significant pressure on the budget. They are going to gut that $1.2 billion revenue measure and deliver tax preferment to foreigners, at the expense of Australian taxpayers, via the superannuation system. Quite rightly, former Minister Minchin recognised that this was wrong. We needed to ensure that tax preferment in superannuation went to Australians and not to foreigners. And we needed to ensure— (Time expired)