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

One of the great strengths of the Australian economy is our superannuation savings pool, which again, I would remind people here, the Liberal-National Party opposed. They opposed the creation of a $1.4 billion superannuation savings pool.

A government senator: Shame!

It is a shame, and they are still on that course because they are going to reverse the mining tax and increase the contributions tax on Australians as a consequence.

Senator Abetz interjecting—

You should check out Mr Hockey's statements on Sunday, Senator Abetz. The Liberal Party is going to reverse the mining tax and, as a consequence, it will have to increase the contributions tax on superannuation and it will have to increase taxes on small business. We heard dire predictions. I recall the debate. We were going to have mass unemployment. The economy would be floored when compulsory superannuation was introduced. And what happened? It made the economy strong. And who opposed it? The Liberal Party. (Time expired)