Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

The first measure that comes to mind that supports women is one that you oppose. The most important measure in this package is one that enables Australians who have not used the fully available concessional contribution cap to play catch-up on their retirement savings. The evidence is overwhelming that this is something that predominantly supports women. Another measure that is very good for retirement savings, in particular those of women, is the one that improves the flexibility for all Australians to make tax-deductible personal contributions. It is something that, again, Labor has decided not to support.

You mentioned the government's decision to introduce the low-income super tax offset as something that you also recognise is a very good feature of this package for women, and you suggested that this is just copying the Labor Party policy. The problem with Labor's policy at the time was that it was not funded. Labor put this particular low-income super contribution measure in place as part of its mining tax package, saying it would be funded by the mining tax, which ended up raising no money. In fact, it ended up costing the budget bottom line money.

We have put forward a package of measures which is designed to make the system fairer and more sustainable. It is a package that we believe goes some way to making the system fairer and better for women across Australia. You will say that there is more that can be done, and we would agree that in the months and years to come we should continue the conversation. But a very good start today would be for Labor to support our proposals to enable Australians to play catch-up on their retirement savings and our proposal to enable tax-deductible personal contributions to be made, as well as the reintroduction of the low-income super tax offset.