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

I welcome the opportunity to talk about Labor's changes to superannuation that we announced last week, making a modest adjustment to superannuation tax breaks for earnings on balances above $3 million, which will not come into effect until after the next election, meaning that for the 0.5 per cent of people who are in the fortunate position of having super balances over $3 million the changes will not come into effect for another three years—depending, obviously, what stage they're up to, whether they are below the age where you can withdraw super; that will depend. But there are three years before this policy comes into effect. If people want to make arrangements of their affairs before that time comes into effect, depending on where they're at in the super cycle, then that's a decision that individual superannuation account holders will make.