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

Thank you—and we look forward to that debate. Currently, 3½ million Australians pay a contributions tax of 15 per cent on their superannuation, which is either equal to or higher than their marginal income tax. Interestingly, of the 3½ million Australians who pay this contributions tax, just over two million are women. It is highly regressive for over two million low-income women to be paying the 15 per cent contributions tax. We propose to effectively scrap that tax.

We intend to implement further reforms. We intend to allow those Australians who make a decision over the age of 70 to remain in the workforce to continue receiving their superannuation guarantee. That is another important reform. Our reforms in total will deliver some $830 million in additional benefits to Australian workers' superannuation. To give a specific example— (Time expired)