Helen Polley (Tasmania, Australian Labor Party) Share this | Hansard source

POLLEY () (): While this motion from Senator Hume is so predictable, it's extraordinary to see that the Liberal Party of Australia, that gave the Australian people $1 trillion of national debt, wants to borrow even more money to subsidise people with more than $3 million in their superannuation accounts. But that's the Liberal Party of Australia today, a political party with all the wrong priorities.

As a government we have to make tough decisions, and we have to make decisions to help pay down the almost trillion dollars of debt left by the Morrison Liberal government. This is a practical change that will improve the budget bottom line by $2 billion a year. Let's not forget that the average Australian worker will have $120,000, on average, in their superannuation account, but they're the people those opposite don't care about. They want them to continue with their superannuation at that low level, and they're worried about that percentage of people who have over $3 million. Even above that $3 million, they will get a taxation that is still lower than they would pay normally. So it is still a concessional rate of taxation that they're going to be asked to pay.

If those opposite want to come in here and fight for a person that has $400 million in their superannuation, then let's have the fight at the next election, because these changes will not come into effect until after the next election. But I really think that somebody who has $400 million in their superannuation account can pay more tax—and should be paying more tax—than someone who has $120,000 in their superannuation account. These changes will only affect about 80,000 people or 0.5 per cent of Australians. This is new policy, which does not take effect until after the next federal election.

The increase, the tax on superannuation earnings, to 30 per cent for superannuation balances over $3 million means that for the 99.5 per cent of Australians who have a superannuation balance under $3 million there will be no change in their circumstances. No matter how desperate those opposite are to run a scare campaign, the reality is that Australians can see through those on the opposition benches, because they saw through them at the last election.

The Albanese Labor government is committed to ensuring that the superannuation system is protected but sustainable. This change would ensure that the system is fairer for all Australians. So, I put to those opposite, if you don't agree with this change you'll need to nominate where the money will come from instead. The last time those opposite were in government they came after Medicare and sent debt letters to pensioners. They rorted grants and schemes here.