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

Thank you, Senator Pratt. I touched yesterday on some of the tax cuts and the benefits that will flow from the $11 billion mining tax that was tabled in the House of Representatives yesterday. Of course, we know it is a mining tax that the mining companies want to pay and that those opposite, the Liberal and National parties, want to give back to the mining sector.

Let me outline in greater detail the benefits that flow from the mining tax in respect of superannuation. There are quite a number of benefits. Firstly, we propose to increase the superannuation guarantee from nine to 12 per cent. Secondly, we intend to cut the contributions tax paid by over 3½ million low-income-earning Australians. Currently, many low- and middle-income Australians pay a 15 per cent contributions—