Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

In 30 years, Treasury projects that roughly only the top 10 per cent of earners will retire with superannuation balances of around $3 million or more.

Opposition senators interjecting—

In 30 years time. That is the estimation of Treasury. I would say that this is a modest change to the 0.5 per cent of people that are coming in. Of the 80,000 affected, the average balance is $5.8 million. I would say again: this is a modest change we are making in response to having to deal with the budget repair that is required from the economic vandalism of your decade in government.