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

Improved superannuation is an important part of the tax package that we have announced, which is funded by the resource super profits tax. The superannuation measures will increase the superannuation savings pool by some $85 billion over the next 10 years—$85 billion in additional savings. These are savings that do not just benefit the individual and, obviously, increase their retirement income; they also benefit the broader economy, because the bulk of the $85 billion extra in savings that will flow from superannuation will be reinvested back in the Australian economy. So it serves a dual purpose: higher retirement incomes for the individual and building a stronger Australian economy—an already strong Australian economy being made stronger as a result of the increased investment dollars that predominantly flow back into the Australian economy. A range of superannuation organisations, retail industry corporates and public sector superannuation funds, and ASFA, have endorsed this approach. (Time expired)