Karen Grogan (SA, Australian Labor Party) Share this | Hansard source

It's fascinating listening to this debate that has raged through question time. I'm left scratching my head somewhat at the deep and abiding concern for a modest change in the amount of tax that people pay if they have more than $3 million in their account.

Yeah, come on! Let's just be clear: what is this about? We are putting forward a very modest change to ensure that the superannuation system does what it is supposed to do. That is not about having a tax offset for people with deep wealth to use for whatever inheritance or further opportunities they might use it for. This is about changing it. There are many other financial vehicles they can use. But $3 million in your super account, that's where the tax breaks reduce—not stop, but reduce. Let's be clear: the highest tax threshold is 47 per cent, and it's still 30 per cent if you're over $3 million. So all of this hoo-ha and beat up is just completely ridiculous, particularly when we look at the kind of legacy that's been left by this government—a legacy of rorts, waste, a trillion dollars in debt, not to mention the laundry list of terminating measures hidden in the budget, out into the future, that the people of this country know nothing about. Yet, you want to protect the millionaires. Well done! Good call. Excellent! You opposed a $1 pay rise for the lowest-paid workers, but you go in and fight for the millionaires and ignore the people who are struggling. You've got this ridiculous narrative about how much you care about the cost of living, yet you did nothing when you were in government, the coalition, to look after those people who are now feeling the cost-of-living pressures the most.

It's laughable to hear you out there protecting the millionaires, on one hand. 'Oh no! Our friends with $3 million can't possibly cope!' I don't think so. This is a sensible change. Superannuation was built in this country to enable people to have a dignified retirement. It's not the investment vehicle for your next purchase. It's not the investment vehicle for your deep inheritance. Go and find another investment vehicle. This is a small number of people with a large amount of money, and good on them. Don't begrudge them a penny of it. If they've worked hard for that, well done, but they should not get a tax break from the Australian people to allow them to keep more than $3 million in their superannuation account without paying a more reasonable amount of tax on it.

If we can be clear, because I've heard some ridiculous conversations roll out through this period, it is 15 per cent tax for every penny under $3 million and it is 30 per cent tax for the pennies over $3 million. Let's be really clear about that. No-one's robbing anyone. The beat-up and the scare campaign—obviously, you're very excited about that on the opposition benches over there, but it is completely ridiculous. Yes, the cost of living is a critical issue in this country at the moment. It is the thing that we over on this side, the Albanese Labor government, are deeply concerned about. We are working very hard for solutions.

That's alright. You over there, the coalition, keep fighting for the millionaires while on the other hand just chatting about the cost of living. It's easy now you're in opposition, because you did absolutely nothing when you were in government. You should be ashamed of yourselves for your behaviour over this last couple of hours. It's been ridiculous to listen to—totally ridiculous.