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

Thank you to Senator Thistlethwaite for his first question. It is good to see another superannuation aficionado entering the Senate and asking a question about a very important and major economic and social reform that this government has initiated and has announced major improvements to.

The Gillard Labor government is to make major reforms to Australia's superannuation system, which will benefit millions of Australians. Successive Labor governments have long argued that the current super­annuation guarantee of nine per cent, introduced almost 20 years ago by a Labor government and opposed by those opposite—millions of Australians would have no superannuation at all if they had taken the advice of the Liberal Party—needs reform and we intend to increase the superannuation guarantee from nine per cent to 12 per cent over seven years. We intend to add to the retirement income savings for millions of Australians.

What should be remembered is this is also on top of the increase in the age pension. Again, what did those opposite do about increasing the age pension when they are in government? Nothing. This Labor government has increased the age pension. We introduced compulsory superannuation to nine per cent and we intend to take it further to 12 per cent. This will add to the retirement income savings of some 8.4 million people. The Liberal Party either did nothing, or opposed it. Like everything else, all they have is a negative position: do nothing or oppose. That is their announced policy in respect of this important change to superannuation. (Time expired)