Hollie Hughes (NSW, Liberal Party, Shadow Assistant Minister for Climate Change and Energy) Share this | Hansard source

I really want to talk about Labor's broken promise around superannuation. But I feel like we need to correct a few things on the record with regard to Medicare and who has actually taken the knife to it. We know that it's those opposite who decided to remove mental health access for Australians, particularly as we continue to recover from COVID. So, while we know they break promises, we know they can't tell the truth either. This is a series of lies to the Australian people that started before the election with the now Prime Minister saying there would be no changes to superannuation. Then, of course, Dr Chalmers, as he pumped out his essay over the summer, decided that there wouldn't be any major changes to superannuation, that it's something we might consider or have a conversation about.

As the kite flew higher again, Prime Minister Albanese was out there denying there would be changes to superannuation. But, at this stage of the game, they realised all too late that the kite flying hadn't worked. They quickly raced through a cabinet decision that we've learnt today isn't going to impact the 0.5 per cent of Australians that was bleated so loudly from those opposite, but that, in effect, it is actually 10 per cent of Australians who are going to see their superannuation impacted. Not that we're ever shown any modelling. In fact, you'll go back through the safeguard mechanism inquiry and learn that we don't actually do modelling under this government anymore. But there is no indexation to this $3 million. We know what houses cost 20 years ago versus what they cost today. We know what inflation is as of this very moment. We know what's happening with the CPI. We know that $3 million today will not be the same as $3 million in 20 or 30 years time.

For every Australian out there embarking on their career, starting their working life now, by the time they get to retirement age in 40 or 50 years, they very well may have $3 million plus in superannuation. As this will not be indexed, we know that Labor will continue to come for their money. We need to remember that this is the Australian people's money. It's not the great ABBA fan Stephen Jones's money. 'Honey honey, nearly kills me'—that's how he refers to your money. He can't wait to dip his fingers in your honey and spend all that wonderful superannuation that everyday Australians work so hard for and put away for retirement.

We also learned today that questions couldn't be answered on whether or not those Australians who will be impacted, who have invested in their superannuation under long-term rules that have been in place encouraging Australians to put more away for their retirement, can make alternate arrangements without penalty. Those opposite don't have the details of their own policy. We don't know.

We could also see introduced into this country, potentially for the first time anywhere—I think I heard a rumour of an African country that wasn't going too well when they tried it—a tax on unrealised profits. That means if you invest in commercial property or other sorts of properties or into shares or into anything that you may invest in for your self-managed super fund—the purpose of investment is for that to increase in value—you will now be slugged with twice the rate of tax for an unrealised asset. That will mean you may have to sell the very property or investment that you had invested in, that you had put money into and worked hard to achieve. You may have to liquidate that to pay a tax bill. How is that ensuring Australians are able to retire in a way that they work so hard to do so? It's absolutely outrageous and, quite frankly, it's un-Australian.

We've just heard from a number of those opposite that it's going to happen after the election. They're not taking it to the election; it's just being implemented after the election. If you're being honest and if you're being upfront with the Australian people, take it to an election. Take it to an election with details. Tell them how much money you want to take. Tell them when negative gearing is next. Tell them when they will be paying tax on their family home. Take it to an election and be honest with the Australian people.