Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Hansard source

The funding of the increase in the superannuation guarantee will come at a significant cost to government revenue. The abolition of the contributions tax that is currently paid by low- and middle-income earners is another very important fairness and equity measure. These two measures cost significant expenditure on the budget. They are being funded as part of the tax package announced by this government, which is funded by the mining resource rent tax. Obviously, if the mining resource rent tax fails to pass the parliament—and certainly we know that those opposite, the Liberal-National Party, oppose that tax and the revenue that flows from it—there will be no increase in the superannuation guarantee. There will be no abolition of the tax that low- and low-middle-income earners currently pay on their contributions to super. That is the Liberal-National Party’s position. (Time expired)