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

Not only is it important social policy improving the retirement incomes of more than eight million Australians, it is an important economic impact. We currently have $1.36 trillion in savings. Obviously the pool of super­annuation savings is very important to the future of this economy. It is an important savings pool that is invested back in Australia, predominantly; it helps grow the economy and it helps add to jobs. So not only was the Liberal Party originally opposed to doing anything on super­annuation almost 20 years ago, it is now opposed to improving superannuation savings which in turn add to the pool of capital savings in this country, which in turn add to our economic strength. That is the Liberal Party's position: oppose an improvement in retirement incomes and oppose an important economic reform which will strengthen this economy and add to jobs. That is all they know: do nothing, oppose and be negative. (Time expired)