Nick Sherry (Tasmania, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I have already indicated that part of the revenue from the resource super profits tax is to be directed towards reducing the company tax rate from 30 per cent to 28 per cent and providing an additional write-off to small business of up to $5,000, but it is also to be used to improve the retirement incomes of millions of Australians. There are four initiatives in the tax package, which is being funded by the resource super profits tax, in the area of superannuation. We will be gradually increasing the superannuation guarantee to 12 per cent. That will assist in—