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

(—) (): As I said, it's a very small amount of Australians who are affected by this change. It's a very modest change. They are still concessional arrangements. Let's not forget this: they are still concessional arrangements. Let's remember that the average super balance is in the order of $150,000—that's the average super balance. For those who are fortunate to have super balances over and above that, there are still concessional tax arrangements available even with this change. We are making this very modest change to superannuation to help repair the budget that is in structural deficit because of the mess that you left it in. You didn't fund things properly, you didn't fund things in an ongoing basis and you ignored pressures coming to the budget hoping that someone else would fix it, and that is the work that we are currently doing with this modest change. (Time expired)