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

As is well known, the Labor government, acting decisively, has announced a $42 billion nation building and jobs package in response to the global financial and economic crisis. We know that the Liberal opposition have announced they will oppose this, largely on the grounds of budget deficit and accrued government debt. However, what we have had from the opposition in the last day is a major superannuation announcement. The Leader of the Opposition, Mr Turnbull—this was confirmed last night—and the shadow minister, Mr Pearce, have announced a new approach to superannuation. They are arguing that the government should in fact pay the superannuation guarantee obligations of a substantial proportion of businesses in Australia. This is their new proposal. I have here a copy of the press release on the opposition’s new proposal to pay superannuation entitlements from the budget for a substantial proportion of Australian businesses. At the end of this press release, however, there is no cost as to this proposal.

Of course I thought that Treasury should be asked to cost this. It is truly staggering, given we have an opposition that is complaining about budget debt and government debt, what the Liberal opposition proposal on superannuation would cost the nation were it to be adopted. In the initial two years of the superannuation proposal of the Liberal opposition it would cost some $20.5 billion—and this was the announcement made last night. Over three years— (Time expired)